Fountain square apartments
Louisville, KY
Purchased in 2012
Purchased off market from an out of state, absentee owner that had owned it since the 1960s.
Negotiated accretive financing structure that helped deliver outsized returns
Seller note of $3.5MM lowered our equity retirement at less than 1% interest fixed for the life of the investment
Sold in 2021
Increased NOI by 63% from 2012-2020
Purchased for a 7.6% cap rate and sold for 5.8% cap rate
Created immediate operational efficiencies and delivered strong rental rate growth through capital upgrades to the portfolio
![image003[53].jpg](https://images.squarespace-cdn.com/content/v1/65720eb532ab4940f7a7a607/d7eb6a26-0986-4b09-b7b6-f16dc8601670/image003%5B53%5D.jpg)
PURCHASED IN 2012 FOR
$22M
SOLD IN 2021 FOR
Investor Rate of Return
Equity Multiple
$46M
41.0%
7.80x
INVESTED
$2,700,000
RETURNED
$21,060,000
RENAISSANCE TOWER
BEFORE
Nashville, TN
Purchased in 2014
75% Occupied
35 Tenants
2.5 Years Weighted Average Lease Term
$713,701 NOI
Sold in 2018
88% Occupied
21 Tenants, by efficient consolidation of suites and securing higher
caliber tenants4.8 Years Weighted Average Lease Term
$1,209,412 NOI, increase of 69%
PURCHASED IN 2014 FOR
$10.1M
SOLD IN 2018 FOR
Investor Rate of Return
Equity Multiple
$21M
17%
1.8
Through targeted investment of $6M in CapEx, changed the market perception of the building, elevating it from a Class B asset to a Class A property
MIDTOWN OFFICE PORTFOLIO
Nashville, TN
Purchased in 2016
Acquired a 5-building office portfolio in the Midtown/Music Row submarket for $21,950,000
53.6% occupied at acquisition
Portfolio in-place rent at acquisition: $23.85/SF
NOI at acquisition: $838,549
Current
Estimate of Value: $42,000,000*
Current Occupancy: 100%
Average in-place rents: $32.28/SF
NOI increase of 175% since acquisition
*2022 Year-End NOI at 6.75% cap rate
Purchased portfolio of buildings from liquidating estate; prior relationship and track record with the Seller enabled us to secure the portfolio without submitting the highest bid price.
Redeveloped 2409 21st Ave into a single-tenant net lease building for Blue Pearl Animal Hospital, a division of Mars Petcare. The cost basis was $6.5M, and the building sold for $10.5M in Q1 2023 at a 5.05% cap rate.
Significantly Renovated 2416 21st — transforming it from a dated, 25% occupied office building, into a 100% occupied building earning 67% higher rents than when we purchased it.
Targeted improvements in the remaining buildings boosted occupancy from 78% to 100%, and increased rents 37%.
PURCHASED IN 2014 FOR
$21.95M
CURRENT VALUE
NOI Growth
$42M
175%