Opportunity description
The Fir Hill Towers Apartments investment offering is an SEC Reg D 506(c) offering only available to accredited investors.
| Purchase Price: | $15,875,000 |
| Projected Total CapEx: | $5,893,480 |
| Total Project Cost: | $22,435,328 |
| Total LP Investor Equity Required: | $4,262,713 |
| GP Co-Invest Equity: | 5% of Total Equity |
| Total Equity Required: | $4,487,066 |
| Total Project Exit Value: | $27,478,449 |
Fir Hill Towers is a generational multifamily repositioning opportunity with the acquisition of a C-class value-add asset located in Akron, OH. The property is a 251 unit high-rise complex that houses two towers built in 1965 & 1971. Fir Hill Towers will be improved under a value-add strategy which will consist of aggressive interior and exterior renovation along with the addition of tenant-friendly amenities. This deal was acquired as an on-market listing at an attractive basis and possesses a variety of strategies to appreciate the asset’s value. With the ability to take advantage of current untapped revenue streams combined with our extensive capital expenditure commitment, we plan to deliver investors a projected 16.00% IRR over a 5-year hold period.
A 251-unit apartment community located in Akron, Ohio, these eleven and twelve-story high-rise buildings, are situated on 3.31 acres of land. The property has been under the same ownership for the past 40+ years, during which time it has transitioned from strictly housing students attending the University of Akron to recently opening its doors to the workforce of Akron.
Fir Hill Towers consists of 11 studios, 85 one-bedroom, 135 two-bedroom, and 20 three-bedroom floor plans ranging in size from 500 to 1400 sq.ft. The property offers various common area amenities and unit accommodations. These include gated-access surface parking, a swimming pool with an elevated deck, secured entrances (key fob system), a laundry facility, additional storage, and a community space. The units feature plentiful closet space, private balconies, ceiling fans, kitchens equipped with a refrigerator and electric stove, and in select units picturesque views of Downtown Akron. All units will be fully remodeled, which will include new wood cabinets, countertops, vinyl flooring in the kitchens, and implementation of Smartland’s smart-unit technology package.
Located on Fir Hill Drive which sits right in Downtown Akron, Fir Hill Towers sits directly on a major thoroughfare just north of the I-76 & I-77 interchange.
Monitoring
Coming soon.
DisclaimerThere is no guarantee that any performance projections will be realized. All private investments involve risks, including the risk of complete capital loss. Please see the Offering Memorandum for a more complete discussion of risks and expectations for this opportunity. All opinions, analysis, or predictions expressed and data provided herein are subject to change without notice as this investment is considered as "coming soon". The investment mentioned on this page may not be suitable for all types of investors. All investments involve different degrees of risk. You should be aware of your financial situation and risk tolerance level at all times. Furthermore, you should read all transaction documents and statements. Read any and all information presented carefully before making any investment decisions. This page is provided for informational purposes only and does not constitute an offer or solicitation to buy or sell securities. Past performance is no guarantee of future results, and current performance may be lower or higher than the performance data quoted. All real estate investments involve different degrees of risk.
