Opportunities
2023 Real Estate Capital Raise
GROUND UP DEVELOPMENT
Equity Opportunities
Orange Beach, AL
56 Unit TH BTR
Santa Fe, NM
221 Unit MF
Central TX Duplex
SFR Fund
Boulder, CO
88 Unit MF
TYPE
90/10 JV Equity
90/10 JV Equity
90/10 JV Equity or Co-GP
90/10 JV Equity
GROUND UP DEVELOPMENT
MULTIFAMILY
Check $
LP IRR / LP EM
Untrended YOC/Exit Cap
Relationship
+ / - $4mm
18.74% / 2.03X
6.47% / 5.25%
Programmatic
+ / - $16mm
22.34% / 1.85X
6.47% / 5.00%
Programmatic
+ / - $40mm
32% IRR
TBD
Cap Commit./Programmatic
+ / - $10mm
24.79% IRR
5.73% / 4.75%
Programmatic
PROJECT
Strength
Asset
Units
Project Capitalization
Last Zoned MF
in Orange Beach
Townhome
56
$14.9mm
Location/GC/Airport Prox.
MultiFamily
221
$51.2mm
3 Successful Fund Ventures
MultiFamily / Duplex
500
$240mm
Subterranean Parking/Location
MultiFamily
88
$35mm
SINGLE FAMILY RENTAL
SPONSOR PROFILE
CHECK SIZE:
$4mm to $40mm
LP RETURNS:
18% to 32% IRR
EXPERIENCED GP'S
RE Transaction Volume
Ground-Up Experience
SREO
NW / LIQ
TBD
10+ Deals (HUD D4)
7+
TBD
TBD
10+ Deals (HUD D4)
7+
TBD
TBD
1,200 Units
TBD
TBD
46+ Transactions
YES
TBD
TBD
DETAILS
Timing
Debt
Q2 '23
Recourse 65% LTC
Q2 '23
Recourse 65% LTC
Q2 '23
Non-Recourse 60% to 70% LTC
Q3 '23
Recourse 65% LTC
MULTIFAMILY
PROJECT
Equity Opportunities
15-20 Hotel Value-Add Acquisition
Pharmacy NNN Acquisition Fund
Anchored Retail Acquisition
Class C+ MF Acquisition Portfolio
90/10 JV Equity
TYPE
90/10 JV Equity
90/10 JV Equity
90/10 JV Equity or Co-GP
VALUE-ADD
PERM ACQUISITION
Check $
LP IRR
Going-In Cap Rate Relationship
+ / - $100mm
17% / 20% IRR
8%+
Programmatic
+ / - $250mm
TBD
8% to 9%
Programmatic / Fund
+ / - $50mm
TBD
7% to 8%
Cap Commit./Programmatic
+ / - $75mm
35%+ IRR
6.5% to 7.5%
Programmatic
Strength
Asset
Units
Project Capitalization
Significant Upside
Hotel-Select Service
80 - 200 Keys Per Asset
+/-$250mm
Investment Grade Tenant
NNN Retail / Pharmacy
100+ Assets
+/-$500mm
Strong Retail Anchor
Anchored Multi-Tenant Retail
5 Properties
+/- $150mm
Track Record/57% IRR Historical
Value-Add Class C+ Multi-Family
6 to 10 Assets(Up to 1,500 Units)
+/- $250mm
RETAIL & HOTEL
SPONSOR PROFILE
CHECK SIZE:
$10mm to $250mm
LP RETURNS:
17% to 35% IRR
EXPERIENCED GP'S
RE Transaction Volume
Ground-Up Experience
SREO
NW / LIQ
$5B + Transaction Experience
$3B+
4 Assets ($55mm+)
Satisfactory
$18B + Transaction Experience
YES
175+ Assets
Satisfactory
Since 1949
YES
61 Assets/6.1mm SF Retail
Satisfactory
$200mm+ Transaction Experience
74 Successful Projects
TBD
Satisfactory
DETAILS
Timing
Debt
Q2 '23
Non-Recourse 60-70% LTC
Q2 '23
Non-Recourse 50% LTC
Q2 '23
Non-Recourse 60% to 70% LTC
Q2 '23
Non-Recourse 65%-70% LTC