Track Record Highlights

A leading force in multi-family ownership, investment and repositioning
  • 33 investments since 2004
  • Over $300 million in equity transaction value
  • Achieved an 18.5% IRR/2.0x MOC on 11 realized investments and 15.7% IRR/2.0x MOC on all investments
Highly successful Sunbelt strategy implemented since 2010
  • Has achieved a 2.5x multiple and 34.7% IRR
  • Southern US focus: Florida, Texas, Arizona, and California
  • Substantial expertise with fractured condominiums
Prior Investment Track Record
2004 to Present
($ in millions)
                                 
Realized Investments     Year of Initial   Total Equity Realized Unrealized Total Gross Gross Return
Property/Portfolio  Name Location   Investment   Invested Proceeds Value Value  IRR Multiple
                                 
147 Waverly Place New York, NY 2004  17.1  32.4  –  32.4 35.2% 1.9x
627 Greenwich Street New York, NY 2005  12.6  –  –  – NM 0.0x
Quik Park (I) [36] NJ/FL/PA/NY 2005  8.3  23.8  –  23.8 24.4% 2.9x
Clarendon Gardens Brooklyn, NY 2007  6.2  10.5  –  10.5 7.2% 1.7x
Haviland Portfolio [8] Bronx, NY 2008  1.4  0.1  –  0.1 NM 0.1x
Norwood Portfolio [4] Bronx, NY 2008  1.3  1.6  –  1.6 4.0% 1.3x
The Element at Metro West Ontario, FL 2010  6.8  20.9  –  20.9 50.8% 3.1x
Cielo Vista Rialto, CA 2010  3.5  6.9  –  6.9 32.3% 2.0x
BelAire Boca Club (I) Boca Raton, FL 2010  9.8  22.9  –  22.9 25.3% 2.3x
Lansbrook Village Palm Harbor, FL 2011  12.5  36.0  –  36.0 47.5% 2.9x
Signature Ridge San Antonio, TX 2011  18.3  39.7  –  39.7 25.5% 2.2x
Sub-Total  $97.7  $194.9  $-   $194.9 18.5% 2.0x  
Unrealized Investments
 
111 Leroy Street New York, NY 2005  6.7  –  12.6  12.6 7.4% 1.9x
Liberty Portfolio [11] NJ, PA, FL, NY11 2007  9.0  –  12.3  12.3 4.0% 1.4x
Riverside Heights Rialto, CA 2010  2.5  0.9  5.2  6.1 23.1% 2.5x
Arlington Heights Evergreen Riverside, CA 2010  4.4  1.7  9.1  10.8 23.6% 2.5x
40 Mercer Street New York, NY 2010  2.8  3.9  4.8  8.8 27.0% 3.1x
The Watermarke North Miami, FL 2012  14.3  –  16.5  16.5 5.9% 1.2x
Quik Park (II) [101] NJ/FL/PA/NY 2012  2.4  0.6  3.6  4.2 29.5% 1.7x
Madison Oaks Palm Harbor, FL 2012  4.9  –  6.4  6.4 12.5% 1.3x
BelAire Boca Club (II) Boca Raton, FL 2014  16.9  –  16.9  16.9 NM 1.0x
Mission Club Villas Orlando, FL 2014  11.6  –  11.6  11.6 NM 1.0x
Sub-Total  $75.5  $7.0  $99.1  $106.1 10.0% 1.4x  
   
   Total      $29.9    $39.7  $11.6  $51.3 15.7% 1.7x  
Pro-Forma Net IRR               10.6%