Passive Investment Opportunity
Canopy Creek Apartments
This is a fantastic value-add opportunity in Jacksonville, Florida.
Sign up to access the Investor Kit which includes the live webinar replay, updated offering memorandum, and investor portal access with all the due-diligence documents.
Short Intro Video
Offering Memorandum
Investment Overview
This fantastic value-add opportunity is located in Jacksonville, FL and consists of 27 buildings and 288 units.
On average, the current rent is $50-$75 below market rate for units with a similar interior. After renovations, the rents can grow up to an additional $225 to meet market rates for renovated units.
If you’re an accredited investor, click the button below to register for our live investor webinar on April 22nd at 5PM to get all the details about this investment and ask any questions you may have in our live Q&A portion.
Can’t Attend? Register anyway and we will email you once the replay becomes available. But don’t wait too long, our previous deals were over-subscribed just days after the live webinar!
Note: This 506(c) syndication is open to ACCREDITED investors only.
18%
Targeted IRR
10-12%
Projected Annual
Cash-on-Cash
1.9X
Targeted Equity Multiple
8%
Preferred Return
Access The Investor Kit
Included in the Investor Kit is the live webinar replay, updated offering memorandum, and investor portal access with all the due-diligence documents so you can be fully informed and invest today.
Take a Tour
Note: This 506(c) syndication is open to ACCREDITED investors only.
Opportunity Summary
Pandemic Resilience
Landlord Friendly State:
- Florida is a very pro-landlord state
- The government is providing significant assistance programs for residents who cannot pay rent.
- Jacksonville MSA has an unemployment rate of 5.1%, leading all markets in the state and beating the national average of 7.9%.
Resilient Renter Base
- A & B Class residents with higher education and income are less impacted.
- We are focusing on ‘grey collar’ residents who typically have fewer collection issues.
Timeline
0-24 Months
Put in place new property management
Complete exterior upgrades and improvements
As units turn, roll out interior operational upgrades – faucets, LVP, bathroom reno
Continue pushing rents on renewals to catch up to market rents
18-36 Months
Continue stable operations
Begin testing higher upgraded units to see what the market will bear
We anticipate doing a supplemental loan at end of year three to be able to return 50% of capital back to investors
Continue cash flowing
Property Details
The Property
Year Built: 1975
Buildings: 27 Total | 25 Residential
Units: 288
Property Amenities
Gated Entrance
24×7 Laundry Rooms
Resident Lounge
Clubhouse & Business Center w/ High-Speed Internet
Outdoor BBQ Station
2 Resort-Style Swimming Pools
Playground Area
Expansive Fitness Center
Jacksonville, FL
Key Market Stats
Jacksonville is growing fast. Jacksonville grew by 2.5% in population in 2017 and about 44% of the population rent the homes they occupy.
Florida is ranked #4 with the strongest economy in the states. There’s a lot of jobs and future job growth in Jacksonville.
The median home value is around $200,000 and median rents per month are around $1,350 a month, which means the city is affordable for investors and tenants. Now would be a good time to invest because home prices are expected to rise in the city by 4.4% in the next year, which is a rate double the national average.
Renovations
Current
Planned
Original Appliances
Original Fixtures
Laminate Countertops
Original tile or faux wood flooring
Original Cabinetry
Install black or stainless-steel appliance package
Install kitchen backsplash
Resurface kitchen and bathroom vanity countertops
New shaker-style cabinet faces
Upgraded plumbing, lighting and hardware to brushed nickel
Install laminate vinyl plank flooring
New brushed nickel fixtures and lighting
2-inch faux wood blinds
Two-tone designer inspired paint
Addition of washer/dryer connections and appliances in all floor plans
Capital Improvements
Interior
Addition of upgrades appliance package
Install kitchen backsplash
Resurface or replace faux-granite kitchen and bathroom vanity countertops
Install new shaker-style cabinet faces
Upgrade to brushed nickel hardware
Upgrade lighting and plumbing fixtures
Addition of washer/dryer connections and appliances in all floor plans
Exterior
HVAC replacement (all units)
Plumbing repairs and improvements
Sealing and striping to enhance parking lot
Tree trimming and landscaping upgrades
Painting to enhance curb appeal
Addition of dog park
Electrical panels
Addition of outdoor grilling station at both pools
Gutters/drainage repairs
Upgrade community space and fitness center
We Are Multifamily Investment Professionals
Experienced
With a combined 100+ years of experience and $300MM in closed multifamily transactions, we have the subject matter expertise, key relationships, and proven track record to execute profitable deals.
Conservative
We are opportunistic investors focused on creating long term value. We stress test our deals and use leverage carefully to create sustainable cash flow and limit our risk.
Diligent
Closing a deal, while challenging, is the easy part. Executing on the business plan is the hard part. It takes perseverance and persistence to achieve what we set out in our underwriting.
Get Access to The Investor Kit
Included in the Investor Kit is the live webinar replay, updated offering memorandum, and investor portal access with all the due-diligence documents so you can be fully informed and invest today.
