Portfolio

HPP Equity Case Studies

SB191 Holdings LLC

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

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

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

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

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 )

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

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
The Benton Ariel View

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 Creek

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

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