We have identified Rise Apollo Heights as a property that meets our criteria. Currently operating as Shiloh Oaks Apartments, Rise Apollo Heights is a B+ class property in a B+ location. The asset is a 248-unit multifamily community built in 1983.
Significant 30%+ discount from what it would have sold for 18-36 months ago
Distressed Seller selling
for a $15.3M loss
Sourced completeley off-market with no competition from anybody else
Significant upside to renovate 88% of units (217 units) and add Washers/Dryers to 100% of units
Extremely low basis of $135K/unit – rare for an asset with 80% 2-bedrooms
Conservative leverage at 63% Loan-to-Value (LTV)
Significant 30%+ discount from what it would have sold for 18-36 months ago
Distressed Seller selling for a $15.3M loss
Sourced completeley off-market with no competition from anybody else
Significant upside to renovate 88% of units (217 units) and add Washers/Dryers to 100% of units
Extremely low basis of $135K/unit – rare for an asset with 80% 2-bedrooms
Conservative leverage at 63% Loan-to-Value (LTV)
There is significant value-add upside for this asset, as we will plan to renovate 88% of the classic units (217 units) and add washers/dryers to 100% of the units for an additional $50 rental increase per unit.
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)
Debt – Funded at closing $21,042,666
$21,042,666
Debt – Future funding (funded when we submit CapEx draws)
$5,927,814
Equity
$19,400,621
Total
$46,371,101
Purchase Price
$33,500,000
CapEx
$5,927,814
Closing Costs (legal fees, interest rate cap, third party reports, etc.)
$2,292,683
Acquisition Fee
$1,340,000
Lender Origination Fees
$539,410
Prepaid Expenses (Insurance and Taxes)
$627,900
Prepaid Interest
$83,294
Reserves
$2,060,000
Total
$46,371,101
Investing involves risks, including the potential loss of principal. Past performance does not predict future results. We cannot guarantee the accuracy of third-party data. Elevest Capital does not provide tax advice. Offers to sell securities are only made through official documents detailing investment risks, fees, and objectives. Investors should consult with financial, tax, or legal advisers before investing.
*Transactions includes our sponsor’s track record
*Equity raised includes our sponsor’s track record