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
Over approximately three years, 18 North assembled a value-add multifamily portfolio through a series of off-market acquisitions in key growth markets across Western New York. Through strategic capital investment and active oversight from our in-house asset management team, the assets were repositioned and the portfolio was ultimately sold, generating strong results for our stakeholders.
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
Hold Period*
- 2 years and 10 months (ave)
Project Status
Sold in 2024
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.
The information presented herein is provided for informational purposes only and is intended to illustrate past and current projects undertaken by 18 North and its affiliates. Nothing on this page constitutes an offer to sell or a solicitation of an offer to buy any security or investment. Any investment opportunities, if and when offered, will be made solely through formal offering documents and in accordance with applicable laws.