Our Portfolio
19 ELEVEN APARTMENTS
- Acquired December 2021
- Waco, TX
- 56 Units
- Class B Value Add
- Preferred Return 7%
- Cash on Cash 15%
- Projected IRR of 18%
- Equity Multiple 1.9x
- Projected Hold of 5 years
THE BRONX ON CENTRAL
- Acquired May 2022
- Indianapolis, IN
- 8 Units
- Class B Value Add
- Cash on Cash 12%
- Projected IRR of 19%
- Equity Multiple 2.1x
- Projected Hold of 7 years
THE CENTRE
- Acquired July 2022
- Waco, TX
- 96 Units
- Class B Value Add
- Preferred Return 7%
- Cash on Cash 8%
- Projected IRR of 16%
- Equity Multiple 1.9x
- Projected Hold of 5 years
CINCINNATI 15+ UNITS
- Acquired July 2022
- Cincinnati, OH
- 15+ Units
- Class B Value Add
- Cash on Cash 8%
- Projected IRR of 19%
- Equity Multiple 3x
- Projected Hold of 7 years
WOODLAND KEY APARTMENTS
- Location is in Tampa, Florida
- Unit: 416
- Year Built 2017
- Closing Date: April 2022
- Woodland Key is located on a major thoroughfare, Roosevelt Boulevard, which is exposed to over 50,000 vehicles per day and allows for quick access to Fortune 500 company Tech Data's HQ (1.5 miles), the St. Pete-Clearwater International Airport (less than 2 miles), and the Gateway business district, which is home to over 161,000 employees and 2,700 companies
- Woodland Key has undergone over $10,000,000 (or over $25,000 per unit) in physical upgrades since 2014, including a brand new clubhouse and fitness center, new Hardi Board Plank siding, new roofs, new parking lot, all new HVAC units, new washer/dryers to all units, upgraded landscaping, a new irrigation system, and new pavers, fencing, and furniture to the pool area
- It is also 3 miles from another property in our portfolio, Mystic Bay, which is exceeding our initial rent projections by over $100 per month for renovated units.
- 5-year population growth projection of 6.7% (compared to 3.9% national), and an annual rent increase of 4.6% over the past 5 years, including a 6.4% increase in 2019, which is projected to continue to grow at a pace of 3.2% annually through 2022.
THE COTTAGE ILLINOIS
- Location is in 27717 W Grass Lake Rd Spring Grove Illinois
- 4 Units
- Acquired April 2022
- The property overlooks Grass Lake in Spring Grove Illinois with 135LF of water
- Commercially Zoned Recreational/Commercial. It's made to be a Short Term Rental for vacation use.
- Plenty of potential as there is space for additional yurts, container houses or additions to the existing property.
- Very rare opportunity to acquire a property like this. Most stay in generation and they never sell.
PISTAKEE LAKE
- Location is in 1110 Bay Rd, Johnsburg, IL 60051
- 1 Unit
- Acquired March 2022
- This 4862 square foot single family home has 6 bedrooms and 6.0 bathrooms and will be used a Short Term Rental
- Located next door to the Johnsburg Estate which is owned by the same group and is a successful Short Term Rental
- Can be combined with Johnsburg Estate to accommodate large groups for events, retreats, etc.
ADDISON PLACE
- Location is in Addison Place Cir Naples
- Unit: 294
- Acquired April 2022
- New leases and renewals commencing in Q1 2022 boasted positive net effective rent increases of 26% and 13%, respectively, over prior lease rents
- The site collected over 98% of all rents billed in Q1 2022.
- Net operating income and cash flow for Q1 2022 increased by 10% and 18%, respectively, compared to Q1 2021.
- Q1 2022 ended with an average occupancy of 99%, a three percentage point increase over Q1 2021.
- Addison Place will receive strategic improvements to enhance and sustain the property’s pristine curb appeal and reputation. A neighborhood retail center is near completion on the front corner of the property which should bring more traffic to the site
RETREAT AT PANAMA CITY
- Location is in Sandal Lane, Panama City
- Unit: 360
- Acquired January 2022
- New leases and renewals commencing in Q1 2022 boasted positive net effective rent increases of 20% and 9%, respectively, over prior lease rents.
- Net operating income and cash flow for Q1 2022 increased by 21% and 48%, respectively, compared to Q1 2021.
- The site collected 98% of all rents billed in Q1 2022.
- The Retreat at Panama City Beach will continue to receive strategic capital improvements to enhance and sustain the property’s curb appeal and reputation.
10x LIVING AT COLUMBIA TOWN CENTER
- Location is in Swift Stream Place Columbia
- Unit: 531
- Year Built 2001
- Closing Date: December 2019
- 75 new leases were executed in Q1 2022, resulting in a 9.5% effective new lease rate increase. The most recent leases are seeing an increase of 14%-17%.
- Lease renewals had an average effective rental increase of 6.1%.
- Now that the County does not have any more constraints on renewal increases we anticipate this moving up higher.
- The property saw a decrease in vacancy as evictions were permitted for the first time since the pandemic.
- Unexpected capital expenditures occurred during Q1 2022 as HVAC Systems required replacement across five units
10x LIVING AT PANAMA CITY BEACH
- Location is in Highway 98, Panama City
- Unit: 288
- Year Built 2018
- Closing Date: September 2019
- New leases and renewals commencing in Q1 2022 boasted positive net effective rent increases of 18% and 6%, respectively, over prior lease rents.
- The site collected 96% of all rents billed in Q1 2022.
- Net operating income and cash flow for Q1 2022 increased by 12% and 30%, respectively, compared to Q1 2021.
- There are six units down due to a lightning strike. We’ve selected a general contractor to get these units repaired and work should be commencing in the second quarter of 2022. We anticipate that the loss will be reimbursed by insurance and repairs will be completed in 2022.
10x LIVING AT DELRAY
- Delray Beach, Florida
- Unit: 346
- Year Built 2017
- Closing Date: September 2018
- 10X Living at Delray is a Class A waterfront asset situated on 31 acres and bordered by a 3.5-acre pond located west of Delray Beach, Florida’s Atlantic Avenue, a desirable destination that has 140+ restaurants and 130+ retail shops. The property encompasses multiple parks and first-class, resort-style amenities such as a movie theater, a dog park, an expansive pool, and a 24-fitness center.
- New leases and renewals commencing in Q1 2022 boasted positive net effective rent increases of 36% and 15%, respectively, over prior lease rents.
- We collected 98% of all rents billed in Q1 2022..
- NOI and cash flow for Q1 2022 increased by 19% and 42%, respectively, compared to Q1 2021.
- 10X Living at Delray Beach will receive strategic improvements to enhance and sustain the property’s pristine curb appeal and reputation.
STELLA AT RIVERSTONE
- Location is in Sugarland, Texas
- Unit: 351
- Year Built 2018
- Closing Date: January, 2019
- Stella at Riverstone is a Class-A garden-style community located in the white-collar Sugar Land submarket of Houston. The area’s diversified economy attracts high-income earning workers and holds some of the strongest demographics in the Houston area.The property’s amenities include a sprawling pet park, swimming pool with cabanas,fitness center, clubhouse, and business center.
- Net effective rents this quarter increased by 9% compared to Q1 2021.
- Renewals commencing in Q1 2022 boasted a positive net effective rent increase of 7% over prior lease rents with a resident renewal conversion of 54%.
- The first quarter ended with an average occupancy of 96%, a four percentage point increase over the prior year.
- NOI for Q1 2022 increased by 5% compared to Q1 2021, however, cash flow remained relatively flat due to capital improvements that will allow us to obtain future rent premiums.
10x LIVING AT SAWGRASS
- Location is in Sunrise, Florida
- Unit: 501
- Year Built 2013
- Closing Date: June 2019
- Sawgrass is a Class-A Garden and mid-rise community located in Sunrise, Florida. The property is less than two miles from the 612-acre Sawgrass International Corporate Park and is conveniently within walking distance to the 2.3 million square foot Sawgrass Mills shopping mall, which continues to drive employment and demand for the property. The property’s amenities include a playground, 24-Hour Fitness center, a resort-style swimming pool, clubhouse, and business center.
- New leases and renewals commencing in Q1 2022 boasted positive net effective rent increases of 22% and 13%,respectively, over prior lease rents.
- The site collected 98% of all rents billed in Q1 2022.
- NOI for Q1 2022 increased by 27%, compared to Q1 2021.
- Quarter ended with an average occupancy of 97%, a three percentage point increase over the prior year.
- 10X Living at Sawgrass will receive improvements to enhance and sustain the property’s curb appeal.
10x LIVING AT NAPLES
- Location is in Naples, Florida
- Unit: 456
- Year Built 1990
- Closing Date: June 2019
- 10X Living at Naples is a garden-style community located in Naples, Florida. The property has significant demand drivers, such as nearby, beautiful, white-sand beaches, upscale shopping, and golf courses. The property is located within 2.5 miles of two Ritz-Carltons on a highly visible main road. The property’s amenities include a large lake, fitness center,clubhouse, swimming pool, and business center.
- New leases and renewals commencing in Q1 2022 boasted positive net effective rent increases of 31% and 12%, respectively, over prior lease rents.
- The site collected over 96% of all rents billed in the Q1 2022.
- Net operating income and cash flow for Q1 2022 increased by 20% and 54%, respectively, compared to Q1 2021.
- We will continue with interior renovation projects as vacant units become available.
10x LIVING AT BREAKFAST POINT
- Location is in Sunrise, Florida
- Unit 360
- Year Built 2017
- Closing Date: August 2019
- 10X Living at Breakfast Point is a garden-style apartment community located in the heart of Panama City Beach, Florida. The property is within minutes of TripAdvisor’s #3 ranked beach and 1.2 million square feet of upscale retail, golf courses and community attractions. The community has strong demand drivers including 4,100 jobs provided by the Tyndall Air Force Base and Naval Sea Systems. The property’s amenities include a resort-style swimming pool, fitness center clubhouse, and business center.
- New leases and renewals commencing in Q1 2022 boasted positive net effective rent increases of 25% and 7%, respectively, over prior lease rents.
- NOI and cash flow for the first quarter of 2022 increased by 7% and 8%, respectively, compared to the first quarter of 2021.
- 10X Living at Breakfast Point will receive strategic improvements to enhance and sustain the property’s pristine curb appeal and reputation.
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