Project Gamecock

• 237-unit Multi-family value add investment in Columbia, SC
• $9.5mm total investment on approximately 82% leased project at closing
• 20.4% IRR on three (3) year hold

 

Investment Thesis

• Recapitalized an existing ownership structure to take out an elderly HNW investor in an off-market transaction.  Invested as a co-GP and LP.

 

Value Creation

• Invested $5,000 per door to repair/replace interior and exterior of units
• Re-branded the property and added amenities across the property
• Push rental rates by $50-100 per month on lease rollover
• Sold to another value add investor who plans to further improve the property