New York
Western New York Portfolio
Sites Features
283 units in 14 properties with a mix of one-, two-, and three-bedroom units.1
Variety of settings, including garden-style, townhome suburban, and street-front urban.
Thesis
Assembled a value-add multifamily portfolio in several off-market transactions over a period of approximately 3 years in key growth markets in western New York. Built an operating business, with several full-time staff members and back-office infrastructure to support the execution plan. Repositioned the assets through strategic capital investment and sold the updated portfolio realizing more than 10% over initial underwriting metrics.
Location
- Western New York
Purchase Price
-
$13.6 million (cumulative) / $48,240 per door (ave)
Capital Investment
- $1.15 million (cumulative) / $4,000 per door (ave)
Sale Price
- $19.5 million (cumulative) / $69,000 per door (ave)
Gross Levered LP IRR
-
33.6% per year, average over the hold period2
LP Equity Multiplier
-
2.18x over the hold period (ave)
Hold Period
- 2 years and 10 months (ave)
Project Status
Closed in 20243
1 One 10-unit property is mixed-use retail and residential.
2 7% annual coupon was paid on 165 doors for the duration of the hold.
3 One 16-unit property is pending sale.