Lakes of Northdale
Tampa, FL
216 Units

  • Suburban, garden style community of 216 apartments located in desirable neighborhood of Tampa, Florida
  • Investment Opportunity – 20 year old asset in excellent location in need of capital to address deferred maintenance and improved curb appeal
  • Replace site staff with proven manager and maintenance team
  • Replaced all roofs and exterior siding
  • Initiated interior upgrade program
  • Raised rents, improved resident profile
  • Annual revenue growth rate of 7.5%
  • Sold asset in late 2007 achieving annual internal rate of return of above 40% and an equity multiple of 3.5x

Purchase Price: $10.3 million
Renovations: $850,000
Equity Invested: $6.8 million
Realized Proceeds: $32.8 million
Gross IRR: 51.2%
Equity Multiple: 3.58x

Orpheum Tower
Omaha, NE
132 Units
Built in 1912/Renovated 2012-2013

  • 16 Story midrise building comprised of 132 apartments in downtown Omaha, NE
  • Prime location – walkable to major employers, cultural venues and downtown entertainment district
  • Investment Opportunity – renovate and enhance value of historic property in excellent location
  • Purchased asset in 2012, invested $1.1 million in capital improvements to upgrade all apartments and common areas
  • Sold asset in 2016 realizing a 22.5% annual Internal Rate of Return and a 2.32x equity multiple to our investors

Purchase Price: $11.9 million
Renovations: $1.1 million
Equity Invested: $3.1 million
Realized Proceeds: $7.3 million
Gross IRR: 22.5%
Equity Multiple: 2.32x