The Benton
150 Units | Multifamily
Address
200 Ryan Road Pea Ridge, AR 72751
Mitchell Yards
165 Units | Student Housing
Address
1898 W. Mitchell Street, Fayetteville, AR
Ruby On The 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
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