Multifamily Properties

CARLTON AT GREENBRIER

Chesapeake, VA
Core Plus Acquisition - Sold January 2016
Investment Description

Carlton at Greenbrier is a 176 unit market rate apartment property acquired in partnership with a HNW investor and closed in late March 2013. Ownership invested $300.000 in upgrading the property and units and implemented a mark-to-market rent increase strategy. Property was developed in 2012.

Total Investment $29,050,000
Required Equity $7,936,000
Senior Debt $21,114,000 from an Agency Lender secured December 2011
Deal ROE 8.8% Annual ROE
Deal IRR 17.1% IRR
Hold Period 3 Years
Deal IRR: 17%

ALEXAN AT PIER PARK

Panama City, FL
Core Plus Acquisition - Sold October 2015
Investment Description

Alexan Pier Park Apartments is a 360 unit market rate apartment property acquired by MVHP/CDP in partnership with a HNW investor and closed in early 2013. Ownership invested $300,000 in upgrading the property and units and implemented a mark-to-market rent increase strategy. Property was developed in 2008. This Class A asset was acquired for $91,000 per unit.

Total Investment $34,200,000 Total Capitalization
Required Equity $9,450,000
Senior Debt $24,750,000 from an Agency Lender secured March 2013
Deal ROE 10.80% Avenge Annual ROE
Deal IRR 19%+ IRR
Hold Period Hold Period 2 Years
Deal IRR: 19%

SOLEIL APARTMENTS

Ponte Vedra Beach, FL
Value-Add Acquisition - Sold February 2015
Investment Description

The Soleil Apartments were acquired by MVHP/CDP in venture with a HNW investor in August 2012. This Class A-, garden-style, market rate apartment property is located in the supply constrained and wealthy Ponte Vedra, FL market (a submarket of Jacksonville). This 240-unit property is located less than 1 mile from the Pante Vedra beaches. Renovations totaling $1.5 million were completed by mid-2013.

Total Investment $23.350.000 Total Capitalization
Required Equity $7,100,000
Senior Debt $16,250,000 from an Agency Lender secured in June 2012
Deal ROE 9.1% ROE on average
Deal IRR 20.4% Deal IRR;

I.9x Multiple to LP; 3.0x Multiple to GP

Hold Period 3 Years
Deal IRR: 20.4%

ENSO

Atlanta, GA
Acquisition - Sold January 2014
Investment Description

The ENSO Apartments were acquired by MVHP/CDP in venture with a HNW investor in June 2012. This Class A+, mid-density, market rate apartment property with structured parking, is located in the mixed-use Glenwood Park PUD (located approximately 3 miles from Midtown Atlanta). This 325-unit property was completed in early 2012 and acquired from an institutional investor.

Total Investment $48.600,000 Total Capitalization
Required Equity $12,100,000
Senior Debt $36,500,000 from an Agency Lender secured in June 2012
Deal ROE 10% ROE
Deal IRR 25.1% IRR;

1.5x Multiple to LP; 2.5x Multiple to GP

Hold Period 2 Years
Deal IRR: 25.1%

RIVERSTONE APARTMENTS

Macon, GA
Core Plus/Value-Add Acquisition - Sold Early 2016
Investment Description

MVHP/CDP closined on the Riverstone Apartments, in late 7014. This 220 unit. Class-A multifamily apartment property located in Macon, GA.

Total Investment $22.975,000 Total Capitalization
Required Equity $8,675,000
Senior Debt $14,300,000 provided from an agency lender
Deal ROE 10%
Deal IRR 20%+

SIX FORKS STATION

North Raleigh, NC
Core Plus Acquisition
Value-Add Acquisition - Sold April 2014

Six Forks Station Apartments were acquired by MVHP/CDP in venture with a HNW investor in early 2012. This Class B+, market rate, garden apartment property is located in the high income North Raleigh submarket. This 321-unit property was completed in three phases from 1995 through 2009. Renovations totaling $2.5 million were completed by Mid-2013. The property is desirably located, with direct access to two major highways (1-540 and 1-440), Six Forks Station provides great proximity to restaurants, shopping. movies, nightlife, and prime businesses. Amenities include 2 pools, a 24-hour fitness center, two tennis courts, basketball court/all sports court, and two playgrounds.

Total Investment $32,300,000 Total Capitalization
Required Equity $7,100,000
Senior Debt $24,500,000 from an Agency Lender secured in March 2012
Deal ROE 7.5% ROE on average
Deal IRR I 2%1RR
Hold Period 3 Years
Deal IRR: 12%

LAKE AT WINDSOR PARKE APARTMENTS

Southside - Jacksonville, FL
Core Plus/Value-Add Acquisition - Sold December 2015
Investment Description

The Lake at Windsor Parke Apartments were acquired by MVHP/CDP in venture with a HNW investor in September 2012. This Class A-, 280-unit garden-style, market rate apartment property is located adjacent to the Windsor Parke Golf Club, a premier 18-hole Arthur Hills golf course. In addition, the property is less than 1 mile from the Mayo Clinic, and has quick access to the beach, Southside, and Jacksonville’s thriving downtown. Renovations totaling $1.5 million were completed in late 2013.

Total Investment $39,100,000 Total Capitalization
Required Equity $9,100,000
Senior Debt $30,000,000 from an Agency Lender secured in September 2012
Deal ROE 9.5%+ ROE
Deal IRR 16%+/- IRR
Hold Period 3 Years
Deal IRR: 16.5%

ASHTON RESERVE

Charlotte, NC
Core Plus/Value-Add Acquisition - Sold January 2016
Investment Description

The acquisition of Phases 1 of Ashton Receive in late 2013. Phase 1 consists of 322 Class-A+ apartments units.

The subject property is located in Charlotte, NC suburbs.

Total Investment $44,600,000 Total Capitalization
Required Equity $12,700,000
Senior Debt $31,900,000 for Phase 1 provided by an insurance company lender.
Deal ROE 9.2%
Deal IRR 18.10%

UPTOWN VILLAGE TOWNSEND

Gainesville, FL
Core Plus/Value-Add Acquisition - Sold January 2016
Investment Description

This property was acquired in mid-2014 and consists of 322 Class A units Iocated in Gainesville, FL. This property was constructed in 2012.

Ownership invested $500.000 in capital improvements.

Total Investment $36,800,000 Total Capitalization
Required Equity $110,400,000
Senior Debt $26,400,000 provided by Freddie Mac
Deal ROE 9%
Deal IRR 17%

LAKESHORE CROSSING

Birmingham, AL
Core Plus/Value-Add Acquisition - Sold Early 2016
Investment Description

This acquisition was closed in early 2014. The property consists of 284 Class-A apartments units completed in 2013. The subject property is located in the suburbs of Birmingham, AL.

Total Investment $37,600,000 Total Capitalization
Required Equity $9,900,000
Senior Debt $27,700,000 provided by Freddie Mac
Deal ROE 9%
Deal IRR I 7%+