Pine Grove Apartments

Status: Closed
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  • INCEPTION DATE 12/22/2021
  • PROPERTY TYPE Multifamily
  • STRATEGY CRE Acquisition
  • INVESTMENT TYPE Growth & Income
  • RISK PROFILE Opportunistic, Value Add
  • PROGRAM TYPE Syndication
Equity
Target IRR16%
Investment Amount $100,000
  • Preferred Return 9%
  • Profit Share 80%
  • Stabilized Cash on Cash 5.12%
  • Distribution Frequency Quarterly
  • Hold Period 5yrs
Invest
Target IRR12.5%
Investment Amount$5,000
  • Preferred Return 7%
  • Profit Share 80%
  • Stabilized Cash on Cash 5.12%
  • Distribution Frequency Quarterly
  • Hold Period 5yrs
Invest
Steven Gesis
Contact Steven G.
Call Us (305) 209-6428
Email Email

 

Opportunity description

We are pleased to offer qualified investors the opportunity to invest in the re-development of Pine Grove Apartments currently 100% occupied. The Pine Grove Apartments is an 80-unit cardinal-style apartment community in Columbus, Ohio, that sits on 5.12 acres.

The complex is a short drive to Downtown Columbus making it an ideal location for anyone in the metropolitan area. With access to major Interstates like I-270 and I-70, the apartment community provides residents with easy access to employment hubs, entertainment, and necessities all around the Columbus MSA.

To transform the Pine Grove Apartments we will address light exterior and common area renovations as well as extreme renovation and modernization of suites. We project on capturing up to a 20% rent increase for adding top-flight amenities and drastically renovating the suites to bring them to the 21’s century.

Light renovation of exterior and common areas include installation of bike stations and electric car charging stations. Extreme modernization of suites will include USB outlets, LVT (Luxury Vinyl Tile) flooring, smart technology, fully renovated bathrooms, and fully updated and equipped kitchens with granite countertops, tiled backsplashes, stainless steel fixtures and new stainless steel appliances.

This offering is a 506(c) and is open to accredited investors only. An accredited investor has either a net worth of $1 million, not including their primary residence, OR an annual income of $200,000 (or $300,000 if married) for the last two years and you have a reasonable expectation that it will continue.

Pine Grove Apartments

Monitoring

Verivest monitoring occurs on a quarterly and annual basis. Sponsors will inform us before the quarter or year begins when they will deliver their monitoring report. Verivest usually takes about 5 days to process the information and submit the report.

Documents

The documents are currently under legal review and will provide/uploaded once approved.

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Smartland Pine Grove Apartments Multifamily Value-Add - 2048 Pine Grove Holdings LLC - Offering Memorandum
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Disclaimer

This offering and investment is still under review and is considered coming soon. All information on this page is subject to change depending on the review and completion of the legal documents. NOTE: This is a 506(c) investment for accredited investors only. By filling out and submitting the "Reserve Your Soft Commitment" Form, it will be treated as a “first-come-first-serve” survey to solidify your potential participation in the private placement 506(c). The following is not an actually subscription/investment in the deal and is not binding however we do ask that if submitting the form please be as accurate as possible with your answers so that we can get a good feel for the interest and demand in this deal.