Affordable housing

Exited 2021

Value-add

A 135-unit affordable community in the heart of NY

IRR

26%

Units

135

Year invested

2021

New York, NY

Details

A 135-unit affordable multifamily community
Main components of the business plan were an increase in the Section 8 HUD contract rents and reduction of RE tax by obtaining an Article XI tax abatement through NY HPD
Prior to exit an average 18% Section 8 rent increase was achieved with OPEX reduced by 40% through the RE tax reduction

Value-add

A 498-unit affordable housing portfolio located in Jersey City and Newark

IRR

18%

Units

498

Year invested

2019

New Jersey

Details

A 498-unit affordable housing portfolio located in Jersey City and Newark
The focus of the business plan was to receive a new project-based Section 8 HAP contracts and reduce OPEX
After ~1.5 years of ownership, most of the new Section 8 HAP contracts were renewed with an average rent increase of 42%