OPPORTUNITY OPEN: [FUND68]
Multifamily Offering
Raleigh, North Carolina, 136 Units
Address: 1909 Eyrie Ct, Raleigh, NC 27606
Preferred Return
8.0%
LP/GP SPLIT
85/15
TARGET IRR
15.16%
EQUITY MULTPLE
1.97x
AVERAGE CASH FLOW
4.00%
Why we love this deal
Silver Lake is a property that meets our criteria. Currently operating as Remington Place Apartments, the property is deemed as a B+ class property in a B+ location. The asset is a 136-unit multifamily community built in 1985.
Operational Value-Add by implementing an amenity fee, washer/dryer utilization, renter’s insurance, lease lock and other operational efficiencies to increase rents by $165 per unit
Off-market transaction with no competition
40%+ discount from peak pricing 24-48 months ago
Significant upside by renovating 100% of interior units to light value-add scope
Silver Lake
Institutional B+ Class Asset
136 Units
89.7% Occupancy
Our Track Record
68
Acquisitions
11
Successful Exits
$2.7B+
Transaction Value
12,817
Units
Never
Lost an investor dollar
Purchase Price
$22,100,000
Number of Units
136
Vintage
1985
Offering Summary
PURCHASE PRICE
$22,100,000
EQUITY RAISE
$10,857,084
Occupancy
89.7%
Cap Rate (T3/ PF Exp)
5.04%
Projected Exit Cap Rate
4.75%
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
- Sources of Funds
source
amount
Debt – Funded at closing
$14,861,170
Debt – Future funding (funded when we submit CapEx draws)
$1,769,020
Equity
$10,857,084
Total Sources
$27,487,274
- Uses of Funds