Flatirons Equity Portfolio
In 2022 we have passively invested in 4 different opportunities totaling 1,717 doors with 7 unique properties in total. We would be happy to discuss what we liked about each of these opportunities, how we evaluated the investment returns and analyzed the sponsor underwriting. Reach out to schedule some time to learn more!
Montclair Estates (Garland, TX)
Montclair Estates is a 113 unit Class B 55+ apartment community in Garland, TX. The asset is located in a submarket of Dallas/ Fort Worth, TX which is one of the top job markets in the United States, This asset has tremendous value add potential and the demand for this type of product in this submarket is extremely high! Montclair is located in a phenomenal location within Garland and is within a close proximity to many major economic divers in the Dallas-Fort Worth market and is within 2,000 ft of the Dallas Athletic Club. This was our first ever passive investment in Multifamily!
Keystone Farms (Nashville, TN)
Keystone Farms (pictured above) was the second Multifamily Property Teresa and I passively invested in this year. It is a 90 unit class B property built in 1998 with units having a townhome style feel in the hot market of Nashville, Tennessee. Nashville is experiencing tremendous economic growth from many industries adding new offices including Oracle announcing its HQ2 and Amazon adding over 5,000 new jobs. This is increasing buying power of tenants with median household incomes on the rise and supply in short demand. The property is closing next week and is already achieving up to 9% above proforma rents on some unit types before implementing the business plan! The sponsorship team secured 7 years of fixed rate date on this property providing excellent risk hedge in today's rising rate environment.
Castle Hills Town Homes (San Antonio, TX)
Built in 1997, Castle Hills Townhomes is a 148-unit townhome community featuring spacious units with 84% attached garages, fireplaces, and private yards providing tenants with an enhanced living experience. This powerhouse submarket is in great demand due to its location, employment opportunities, NEISD school district, and proximity to airport and major thoroughfares. Both properties offer tremendous opportunities for our vertically integrated teams to generate significant upside for our investors.
Seville Apartment Homes (San Antonio, TX)
Built in 1982, Seville consists of seventeen two-story buildings in a park-like setting featuring large, home-like floorplans, which average 930 square feet and include full-size washer/dryer connections in 100% of the units. The units also feature private patios, offering residents more space and privacy. This powerhouse submarket is in great demand due to its location, employment opportunities, NEISD school district, and proximity to airport and major thoroughfares. Both properties offer tremendous opportunities for our vertically integrated teams to generate significant upside for our investors.
We are currently evaluating an investment opportunity in a 3 property in 1 deal with over 1000 doors.
On the hunt for the next opportunity to passively invest in Texas or Tennessee.