Last Call To Invest In This Private Real Estate Offering With 32.7% Target Annual Return
The latest offering on RealCrowd’s real estate investment platform is gaining significant attention from investors wanting to take advantage of the deal’s targeted 32.7% IRR.
Real estate investment firm Lurin is sponsoring the offering for the Elements On Third Apartments, a 431-unit multifamily property in St. Petersburg, Florida. The offering went live on Monday, Sept. 20, 2021, with a target equity raise of $22.5 million, and investors have already funded all but the remaining $1.5 million that’s still available.
About The Offering: The firm is under contract to acquire the property for $125.5 million, or $291,200 per unit, which is priced well below market value for similar multifamily properties in the Tampa-St. Petersburg metropolitan area.
The sponsor plans to invest an additional $6.05 million, or $14,045/unit, into the property for the renovation of interior units, the exterior and to modernize the property’s amenities and common areas.
Investment Highlights: The deal has a significant value-add component through the planned renovations and rent increases. Current rents are priced at roughly $400 per month below the rents at comparable properties within the submarket, providing an opportunity to add a substantial amount of revenue and cash flow to the property.
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Minimum Investment: $50,000
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Target Investor IRR: 32.72%
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Target Stabilized Annual Cash Yield: 9.52% in year two.
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Target Equity Multiple: 2.24x
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Target Investment Period: 3 years
About The Sponsor: Lurin is a real estate investment firm with a focus on acquiring multifamily assets in markets with strong demand. The company already owns and operates 13 assets in Florida and has over $1 billion in assets under management.
Visit RealCrowd for more information on this offering or to view other current real estate investment opportunities.
Photo courtesy of RealCrowd.
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