Who We Are
HPP Equity focuses on identifying and capitalizing on real estate opportunities in single-family homes and mid-size apartment communities within carefully selected markets. Through acquisition, redevelopment, or stabilization, we strive to maximize profitability by overcoming challenges and uncovering new possibilities.
For stable properties, we enhance income through capital improvements, optimized management, and greater efficiency. In development, our expertise in local rezoning unlocks the potential of underutilized properties.
Our mission is to build communities that residents are proud to call home, while providing strong, consistent returns for our investors.
$206M
Assets Under Management
1,800
Total Units
$50K
Min Investment
HPP Equity Case Studies
SB191 Holdings LLC (closed)
- Purchase Price of $10.5M
- Capex Budget of $1.4M
- Average Cash-on-Cash: 14%
- Portfolio valuation projected at $15M by 2027, on target for 30% IRR.
- MOIC: 1.8x
- Purchased in January 2019, returned full LP Capital of $2.5M in October 2020. Refinanced in July 2022 with $1M of Capital distributed to members.
- Final refinance into SB251 and SB252 in Sept. 2025 with an additional $1M in capital distributed to investors and equity transferred to new entities.
SB201 Holdings LLC (closed)
- Purchase Price of $6.1M on 9/30/2020
- CapEx Budget: $550K
- Average Cash-on-Cash: 11.35%
- IRR of 23%
- MOIC: of 2.50x
- Raised $1.9M for down payment and improvements. Properties appreciated 64% by March 2023 – sold to SB231 Holdings LLC for $7.5M. Original investors now hold over 15% equity in SB231 Holdings LLC, receiving quarterly distributions.
SB221 Holdings LLC (closed)
- Purchase Price of $16M in March 2022
- CapEx Budget of $900K
- Average Cash-on-Cash: 6.9%
- IRR: 14.88%
- MOIC: 2.76x
- The initial purchase allocation was $16M, supported by a combination of debt and $4M in capital, including $2M dedicated to capital improvements throughout the 175 property locations.
SB231 Holdings LLC (closed)
- Purchase Price of $29M in 2023
- CapEx Budget: $1.1M
- Average Cash-on-Cash: 9.23%
- IRR of 24.32%
- MOIC: 2.71x
- SB231 Holdings LLC is a combination of three separate portfolios that transitioned to SB231 Holdings LLC in March 2023 at a 6.26% interest rate, investors saw 50% capital return. CapEx was deployed at $466,333 by the end of year 1.
- Final refinance into SB251 and SB252 in Sept. 2025 alongside SB191 with full return of remaining capital ($2M) to investors and equity transferred to new entities.
RiverWalk Commons LLC (current)
- Purchase Price: $5.54M
- CapEx Budget: $1.5M
- Average Cash-on-Cash: 9.6%
- LP IRR with 5-Year Hold: 18.15%
- MOIC: 2.13x
- 100+ Student Beds spread across 3 – 5 story buildings.
- 2025 Projected Revenue: $1M+ and an annual NOI $500k+
- Purchased Nov. 2022, deployed $1.5M mid-2025, finalized CapEx and targeting end of Q2 2026 refinance.
IG Holdings LLC ( 4 Entities ) (current)
- 2022 Acquisitions: 640 Beds for $30M
- Current capital stack
- 9.5M LP Capital
- 28M Debt
- Capital improvement completed: over $6M
- T12 Revenue: $5.9M
- T12 NOI: $2M
- 2026 Projected Revenue: $6.9M
- 2026 Projected NOI $3.4M
- Estimated portfolio value equals 60M at a 5.5 Cap or $90K per bed
- Planned portfolio refinance by end of 2025 with full return of investor capital.
The Bend (current)
- 2024 Acquisition: 220 beds for $8.875M.
- Capital improvement completed in 75–90 days during summer 2024 totaling $3.5M.
- Average Cash-on-Cash: 41.53%
- LP IRR with 5-Year Hold: 21.23%
- MOIC: 2.02x
- Targeting all investor capital return by end of 2026 with a 25-30% IRR
AR251 LLC – The Benton (current)
- Feb. 2025 Acquisition: 150 brand-new constructed units in Pea Ridge, Northwest Arkansas for $24.8M
- $7.02M in LP capital placed with 3–5-year hold at 16–18% IRR
- Lease-up and stabilization target of 80% occupancy by EOY 2025
- Target HUD conversion by Feb. 2027 with 40% return of capital to investors. Full return target by end of June 2028
Ruby On The Creek (current)
- 2024 Acquisition: 195 units for $12.9M
- Projected capital improvements budget totaling $6M
- LP IRR with 5-Year Hold: 18.98%
- MOIC: 2.1x
- Purchased in July 2024, deployed 250k of CapEx by Aug 20th, 2024
- Targeting 50% investor capital return by beginning of 2027, remainder by end of year 5
SB25 LLC (current)
- SB25 LLC is a combination of SB191 and SB231 portfolios that transitioned to SB25 LLC in Sept. 2025 at a 6.52% interest rate, with investors in SB231 receiving a full return of $2M of invested capital and SB191 investors receiving $1M in distributed funds
- Properties not included in the refinance will be sold by end of 2025 for additional distribution of funds to investors
- Continued strategic review of assets for efficiency in expense ratios, operations, and stabilized rents through 2026/27
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