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.
$150M
Assets Under Management
2,400
Total Units
$50K
Min Investment
HPP Equity Case Studies
SB191 Holdings LLC (current)
- 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.
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 (current)
- 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.
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
- Purchased in November 2022 and deployed CapEx of $1.5M by Q2 2024
IG Holdings LLC ( 4 Entities ) (current)
- 2022 Acquisitions: 640 Beds for $30M
- Current capital stack
- 9.5M LP Capital
- 28M Debt
- Capital Improvements budget totaling $6M
- T12 Revenue: $4.4M
- T12 NOI: $1.9M
- 2025 Projected Revenue: $6.8M
- 2025 Projected NOI $3.4M
- Estimated portfolio value equals 60M at a 5.5 Cap or $90K per bed
The Bend (current)
- 2023 Acquisition: 220 beds for $8.875M
- Projected capital improvements budget totaling $3M
- Average Cash-on-Cash: 41.53%
- LP IRR with 5-Year Hold: 21.23%
- MOIC: 2.02x
- Purchased in February 2024, deployed CapEx of $750,000 by April 1, 2024
- Targeting all investor capital return by end of 2026 with a 25-30% IRR
Ruby 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
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