Ruby Creek
195 Units | Multifamily
Address
1764 N Leverett Ave, Fayetteville, AR, 72703
The Bend
220 Units | Student Housing
Address
1801 Irish Way, South Bend, IN 46637
Riverwalk Commons
133 Units | Student Housing
Address
1106 S 20th St, South Bend, IN 46615
Notre Dame Apartments
85 Units | Student Housing
Address
832 N Notre Dame Ave, South Bend, IN 46617
South Bend 231
265 Units | Multifamily & SFR
Address
Various Locations
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