Fund I Portfolio
East Broad Street Apartments
Description
a 75-unit apartment complex located in the Shockoe Bottom neighborhood of Richmond, Virginia. The property is conveniently located only a few blocks from the Downtown CBD and VCU Medical
The purchase price of $151,000/unit represents a greater than 25 percent discount to comparable sales in the market, as well as well below the replacement cost. This acquisition offers a highly attractive, risk-adjusted investment opportunity in an extremely tight market.
Details
Target Equity Multiple: 2.2x
Target IRR: 19%
Deal Type: Value-add
Asset Type: Multifamily
Sponsor: Mercer Street
Target Investment Period: 5 years
