The Ridge Clemson

Clemson, SC

Investment Description

This luxury asset is a 184-unit/616-bed student housing investment opportunity completed in 2018, that serves the students of Clemson University.  Built with the most comprehensive amenity package in the market, with common area of the property consisting of a resort-style pool, a lazy river, a 20-person hot tub, 20-foot outdoor Jumbotron TV, 24- hour study lounges, and large fitness club. The property is a mixture of 2Bd/2Ba and 4Bd/4Ba units, with the four-bedroom units designed into a townhome style and the two bedrooms in a multi-story building. The units consist of such high-end luxuries as stainless steel appliances, kitchen backsplash tile, granite countertops, vinyl wood plank flooring throughout the units, and unit garages with multiple storage areas.

View The Website

Union On 5th

Pittsburgh, PA

Investment Description

This 94-bed/35-unit recently renovated student housing property is located in downtown Pittsburgh, PA, and is directly located adjacent to Duquesne University (9k students), and less than 2 miles from Point Park University (8k students) and University of Pittsburgh (40k students). The building was originally constructed in 1900 but was completely renovated at the end of 2016.

View The Website

University Village at Slippery Rock

Slippery Rock, PA (Pittsburgh MSA)

Investment Description

University Village at Slippery Rock Student Apartments was acquired in August 2010. The property is located less than a I/4th of a mile from Slippery Rock University (a I0,000+/- Student PA State University) in Slippery Rock, PA. This 200-unit (632 bed) property, built in 2008, was acquired out of a 363-bankruptcy sale for a price significantly below replacement cost. The property has been consistently leased at 96% to 100% for the last 9 years. MVHP was responsible for overseeing and completing approximately $2.6 million in capital improvements and deferred maintenance on the subject property.

Current pre-leasing for the 2019-2020 lease term is 85% (as of 02/24/2019) with a rent increase to date equal to 3.5%.

View The Website

University Park Frostburg

Frostburg, MD

Investment Description

This asset is a 86 unit; 121 bed student housing property that MVHP provides third party property management services for. University Park serves the students of Frostburg State University. The properties location is irreplaceable as it is just steps from the FSU campus. The property is a mixture of 2Bd/1Ba and 1Bd/1Ba units. The property is currently 99% leased and set to undergo property improvements including; a new dog park, new monument sign and landscaping and an outdoor kitchen and hangout area.

View The Website

Rivers Edge at Carolina Stadium

Columbia, SC (Purchased while at CF)

Investment Description

Rivers Edge at Carolina Stadium is located less than 1 mile from the main campus of the University of South Carolina, which has an enrollment of 34,000 students.  The property is also located directly across the street from the new USC Baseball Stadium (rated the best collegiate ballpark in the US). This student housing property was constructed in 1999 and consists of 240 units and 486 beds.

This value-add asset has already been significantly upgraded and is competitive with newer product, while still offering new ownership a tremendous upside opportunity. The property’s amenities include a resort-style pool, fitness center, business center, grilling areas, sand volleyball court, basketball court, disc golf, hammock garden, dog park, and a nearby walking trail along the Congaree River.  A $2.5 million renovation was recently completed to include a complete renovation and expansion of the clubhouse, the addition of 95 premium units, additional furnished units, new signage, new exterior paint and more.  The property is 94% leased and rents have increased 3% since YOY since owning the deal.

*MVHP still has an ownership interest, and was responsible for acquiring and redeveloping this deal, but MVHP does not manage the deal.

Expected Deal ROE 11%
Expected Deal IRR 19.65%
Hold Period 5-7 years

The Lex

Lexington, KY (Aquired while with CF)

Investment Description

The Lex is a 265-unit/645-bed investment opportunity boasting the premier location for student housing at the University of Kentucky. The property is within walking distance to all university classrooms and 172 restaurants, bars, and nightlife venues. Additionally, the irreplaceable location is home to 23,444 square feet of prime retail space, offering significant upside potential to a new investor.

There is also a recently completed traffic artery lending to increased accessibility, traffic, and visibility to major retail tenants. As the University of Kentucky continues to set new enrollment records, The Lex is primely situated as the mainstay, trophy asset of the Lexington market.

Expected Deal ROE 8%
Expected Deal IRR 17%
Hold Period 5-7 years

University Orchard

Salisbury, MD (Purchased while at CF)

Investment Description

This Class-A, 2013 constructed student housing property consisting of 204 units/648 beds is located less than 1/2 mile from the main campus of Salisbury University. This is a Value-Add asset that was acquired at a price considerably below market. Furthermore, ownership spent $600k on amenities in the clubhouse and pool area. The Deal IRR returns are 21.17% and annual Yield/CoC average up to 11%. There was existing debt that had to be assumed with this acquisition.

The loan amount is $34 million, with an interest rate of 4.07%, and 1.5 Years of remaining IO (the loan had an total IO period of 3 year). Salisbury University is part of Maryland State University System. It has a total of 9,500+ students and growing on an annual basis. There is only capacity for 22% of the total student population to live on-campus.

Expected Deal ROE 11%
Expected Deal IRR 21%
Hold Period 5-7 years

Midtown 905

Denton, TX (Acquired while with CF)

Investment Description

Midtown Denton is in Denton, Texas less than one mile from the University of North Texas (UNT). Built in 2011, this purpose-built student property continues to have an excellent leasing history.

The University of North Texas has a 2016 enrollment of nearly 40,000 students and experienced over 11% enrollment growth over the past decade and has only 6,288 beds on-campus with only a freshman on campus living requirement. In addition, Texas Woman’s University (TWU) is located two miles from Midtown Denton. TWU has a current enrollment of over 15,500 students.

New ownership completed a value add program that has yielded a $65 per bed increase. Interior unit upgrades included: vinyl faux hardwood flooring, granite or acrylic countertops, lighting upgrades, cabinet hardware upgrades and furniture upgrades.

Expected Deal ROE 9%
Expected Deal IRR 17%
Hold Period 5-7 years

The Ridge

Gainesville, FL

Investment Description

The Ridge at Gainesville is situated next to the University of Florida (enrollment of over 51,000 students) in Gainesville FL. The Ridge is surrounded with a wealth of infrastructure including major freeway access, dining and shopping centers, and is located on the UF shuttle route. This townhome and 4 story purpose built student community has a mix of 2b/2ba, 4bd/4.5ba and 5bd/5.5ba with garages. The common area amenities stand-alone against the competitors. Included is a large resort style pool, in ground spa, lazy river, 20 ft jumbo tron, fitness center, study lounge, gaming area and small convenience store.

Expected Deal ROE 9.6%
Expected Deal IRR 16.6%
Hold Period 5-7 years

ULinQ North and South

Tampa, FL (Acquired while with CF)

Investment Description

ULinQ North and South is in Tampa, FL, less than 3/4 of 1 mile from the University of South Florida (USF). Built in 2004 (South) and 2005 (North), this purpose-built student property has an excellent leasing history that offers the ability to complete numerous value add opportunities and grow rental income during the hold period.

The University of South Florida had a 2017 enrollment of over 43,000 students and is expected to grow its enrollment by more than 1% each year over the next 5 years. USF only has 4,901 on-campus beds and only requires freshman to live on campus. In addition, off campus rents are projected to grow by 3.3% per year on average (or more) over the next 5 years.

Expected Deal ROE 11%
Expected Deal IRR 20%
Hold Period 5-7 years

Canopy Student Apartments

Gainesville, FL

Investment Description

Acquisition of a Class-A, 240-unit (770 bed) student housing property located 1 mile from the University of Florida. This property was constructed in 2007-08.

Deal ROE 9.6% to date
Deal IRR 18.5%+/- Expected Deal IRR: 2.5x(+/-) multiple to GP Investors
Hold Period 5 Years

Domain at Towne Centre

Morgantown, WV

Investment Description

The Domain at Towne Centre was acquired off-market in late November 2012. This Class A+, garden-style, student property is located 1.5 miles from the University of West Virginia (34,000+ students) and is part of the 1.5 million SF Towne Centre retail development. This 336-unit, 912 bed student property was completed in mid-2011 and acquired from a national developer/owner.

The subject provides a dynamic student lifestyle unmatched by any other asset in the market, with state of the art amenities and floor plans, zero entry pool, outdoor sound system, grilling areas, Cafe, Study lounge, and state of the art fitness center. Unit features include 9′ ceilings, granite counters, wood floors and stainless appliances.

Expected Deal ROE 11.1% ROE To Date; 11.95% ROE average expected over the Hold Period.
Expected Deal IRR Expected Deal IRR of 25%+
Hold Period 7 Years

Carlton at Greenbrier

Chesapeake, VA

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
Deal ROE 8.8% Annual ROE
Deal IRR 17.1% IRR
Hold Period 3 Years

Alexan At Pier Park

Panama City, FL

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

Ashton Reserve

Charlotte, NC

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

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%

Dail College Inn

Raleigh, NC

Investment Description

Dail College Inn, a 121 unit (436 bed) student property acquired in partnership (as a Co-GP investor) with TPCO and an institutional investor in December 2011. Construction of this property was completed in 2005. This property was acquired off-market by the venture directly from the original developer.

Ownership completed a $1.2 million renovation including interior and exterior unit upgrades, addition of new amenities, and a complete renovation of clubhouse and leasing office.

Deal ROE 10.9% Average Annual ROE
Deal IRR 20.1I% Deal IRR
Hold Period 5 Years

Soleil Apartments

Ponte Vedra Beach, FL

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

Riverstone Apartments

Macon, GA

Investment Description

MVHP/CDP closined on the Riverstone Apartments, in late 2014. 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%+

Lake at Windsor Parke Apartments

Southside - Jacksonville, FL

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

Lakeshore Crossing

Birmingham, AL

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 I7%+

Axis West Campus

West Campus, Austin, TX

Investment Description

The Axis West Student Apartments were acquired by MVHP in venture with a HNW investor in November 2012. This Class A+ mid-density, student property with structured parking, is located 3 blocks from the University Texas Austin. This 167-unit, 476 bed student property was completed in mid-2011 and acquired from a national developer. The subject provides a dynamic student lifestyle, with state of the art amenities and floor plans, including a beach entry pool, outdoor sound system, grilling areas, Café, Study lounge, and an outstanding fitness center. Unit features included 9′ ceilings, quartz counters, wood floors and stainless appliances.

Deal ROE 8.0%
Deal IRR 10%+ IRR
Hold Period 3 Years

Enso

Atlanta, GA

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

Six Forks Station

North Raleigh, NC

Investment Description

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%
Hold Period 3 Years

University Suites

Raleigh, NC

Investment Description

University Suites, a 136 unit (518 bed) student property, was acquired in August 2011. The property was completed in phases from 2001 to 2004. This property was acquired off-market by MVHP directly from the original developer. The property maintained occupancy levels of 97% to 100% every year since acquisition in 2011. MVHP was solely responsible for completing a $2.2 million renovation, including interior and exterior unit upgrades, the addition of new amenities, a complete renovation of the clubhouse, and a new pool.

Total Investment $21,870,000 Total Capitalization
Required Equity $5,896,000
Senior Debt $14,000,000 from an Agency Lender secured August 2011
Deal ROE 10.5%
Deal IRR 22.10% Deal IRR; 2.1x multiple to the LP investor; 40% IRR and 3.7x Multiple to GP Investors
Hold Period Sold After 4 Year Hold