Fund 58 - Elevest Capital

projected returns

Preferred Return

8.0%

LP/GP Split

85/15

IRR

15.9%

Equity Multiple

2.02x

Avg. Cash Flow

4.6%

Annualized Returns

20.5%

Why we love this deal

Rise Stone Gate is a B+ class asset located in a B+ submarket of Charlotte, NC

We have identified Rise Stone Gate as a property that meets our criteria.
Currently operating as Stone Gate Apartments, Rise Stone Gate is a B+ class property in a B+ location. The asset is a 144-unit multifamily community built in 2000.

Significant 20%+ discount from what it would have sold for 18-24 months ago

Significant upside to renovate 50% of units and add Washers/Dryers to 50% of units

Sourced completely off-market

Extremely low basis of $170k/unit - rare for a 2000 vintage asset with 50% 2-bedrooms

Absentee Mom and Pop seller selling for a loss of investor equity

Questions?

our track record


57	Acquisitions
11	Exits
10,900+	Units
NO	Capital Calls
NEVER	Lost an investor dollar

Purchase Price

$24,500,000

Number of Buildings

7 Number of Units

144 Vintage

2000

Rentable Square Feet

123,120 SF

Average Unit Size

855 SF

Air Conditioning

Individual HVACs

Construction

Wood Frame

Roof

Pitched/Shingle

Electrical

Individ. Metered

offering summary

Purchase Price

$24,500,000

Equity Raise

$13,797,805

Occupancy

91.7%

Cap Rate (T3/ PF Exp)

5.46%

Projected Exit Cap Rate

4.70%

Hold Period

2-5 Years

minimum investment

$100,000

financial summary

equity member class with preferred cash on cash return

8.0% preferred cash on cash return; 85/15 LP/GP split on sale; upon achieving a 2x equity multiple, profits are split 50/50 (after 2x)

sources


Debt – Funded at closing	$16,304,539
Debt – Future funding (funded when we submit CapEx draws)	$3,281,223
Equity	$13,606,865

total

$33,192,627

uses


Purchase Price	$24,500,000
CapEx	$3,281,223
Closing Costs (legal fees, interest rate cap, third party reports, etc.)	$1,875,525
Acquisition Fee	$980,000
Lender Origination Fees	$391,715
Prepaid Expenses (Insurance and Taxes)	$169,625
Prepaid Interest	$64,539
Reserves (Held at property's bank account)	$1,930,000

total

$33,192,627