Hunters Ridge Apartments & Townhomes

Multifamily

East Lansing, MI

Funded

100% funded

...

Overview

Hunters Ridge Apartments & Townhomes

Hunters Ridge is a value-add multifamily investment with favorable fixed rate assumable financing in East Lansing, MI.

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Details

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Estimated First Distribution 5/2024

Minimum Investment 35000

Estimated Hold Period 4.75 Years

Investment Strategy Value-Add

Investment Type Equity

# of Units 170

Year Built 2004

Current Occupancy 98.2%

Market West Michigan

Class B

Sponsor Documents

The offering documents above have been prepared and are being delivered by the Sponsor of this investment opportunity, and not by RM Securities, LLC. RM Securities, LLC and its associated persons did not assist in preparing, do not explicitly or implicitly adopt or endorse, and are not otherwise responsible for, the Sponsors offering documents posted below or any content therein.

Deal Highlights

Investment Thesis/Business Plan: RM Communities is under contract to acquire Hunters Ridge at a purchase price of $34.65M. The seller’s renovations are achieving an average premium of approximately $280 over classic units. Upon acquisition, RM Communities will continue the seller’s proven renovation plan to complete renovations on the remaining 132 classic units. Underwritten stabilized rents represent an average $17, or 0.9% increase above in-place rents on renovated units. The current business plan projects just under a 5-year hold with an exit at a 5.5% cap rate.

Tenant Base: The Property exhibits strong historical occupancy with a desirable, relatively affluent tenant mix earning an average $85,000 household income. Given the income levels among current tenants at the Property, proforma stabilized rents are affordable to the tenant base.

Market: The Lansing economy is underpinned by recession resistant industries such as government, healthcare, and education. Anchored by the state capital and Michigan State University (MSU), the area boasts average household incomes of $73,000 within a 5-mile radius of the Property. There are no market rate multifamily projects currently under construction. Therefore, we expect limited supply-side pressure on market fundamentals over the next 12-18 months. Market multifamily rents grew 4.3% in the last year and are projected to grow 3.9% annually for the next three years. The Property is located near two pristine and highly rated golf courses.

Attractive Financing: RM Communities will assume the attractive in-place $21.03M Fannie Mae loan at a well-below-market 3.33% fixed interest rate to acquire the asset. This loan carries a fixed interest rate of 3.33% and represents 55% total leverage. The loan has nearly eight (8) years of term remaining and nearly two (2) years of interest-only period left. The loan can be prepaid with only a 1% fee any time after July of 2028, providing exit flexibility. A 1% fee associated with the loan assumption will be paid to the lender at closing. The assumable debt allows for opportunistic future supplemental debt, which could be used during the hold to realize value and return incremental capital to investors.

Deal Narrative: The deal was sourced by RM Communities through their relationship with the existing property manager, Village Green. The sellers brought the deal out to the market in early 2023 with initial pricing expectations of $39M. The seller’s pricing expectations were not met and they pulled the deal off-market. Due to RM Communities’ strong relationship and prior transaction experience with both the broker and seller, they remained in contact and negotiation throughout the first half of the year and were ultimately able to secure the deal on an off-market basis in August 2023 at a significant discount to the original pricing expectation.

Joint Venture with an Experienced Partner: Corridor Ventures is a co-sponsor of this transaction. Corridor is an experienced real estate investor and operator, with deep expertise in the acquisition and operation of over $1 billion of multifamily and student housing properties in the Northeastern, Southeastern, and Midwestern United States. Through its own proprietary acquisitions as well as numerous joint venture partnerships, Corridor has an excellent track record of acquiring and operating multifamily and student assets, executing value-add strategies, and delivering strong risk-adjusted returns upon sale or refinance.

In-Place Institutional Management: Headquartered in Detroit, Village Green currently manages the Property and will be retained to continue managing Hunters Ridge, allowing Sponsorship the ability to leverage their deep understanding of the market and the Property. Village Green is an institutional multifamily operator with a robust team managing over 40,000 units in 50 cities nationwide. Village Green manages a number of properties in the RM Communities portfolio, including one very similar asset with a comparable value-add business plan in relatively close proximity to the Property.

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Management

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RM Communities

RM Communities is a sister-company to RealtyMogul, one of the leading real estate technology platforms. RM Communities is an owner/operator of multifamily assets with a proprietary playbook to deliver strong risk-adjusted returns. RM Communities has grown its real estate portfolio to include nearly 2,200 multifamily units and over $350 million in real estate with a fully dedicated team of acquisitions, underwriting and asset management professionals.⁽¹⁾

(1) References made to the RM Communities portfolio includes four properties that were acquired prior to the formation of RM Communities. Consequently, these assets are managed by an affiliate and are included as part of the RM Communities portfolio as a result of being acquired and managed by the same executive leadership and according to the same investment strategy employed by RM Communities.

Management Team

Property

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Hunters Ridge is a 2004 vintage, 170-unit asset featuring a favorable unit mix of spacious one-, two-, and three-bedroom apartments and townhomes averaging 1,169 SF. The seller renovated 38 units to include vinyl flooring, shaker cabinetry, updated plumbing, modern lighting, and stainless-steel appliances. The remaining 132 units remain in original condition and offer an opportunity to capture proven value-add upside. 79 units at the Property feature garages, which currently receive a $100 rental premium. Current ownership recently completed an extensive common area renovation to the clubhouse/leasing office, fitness center, dog park, grilling stations, shared green space, and building exteriors.

Unit Mix and Rent Schedule

Units	Type	Unit SF	Total SF	In-Place Rent	Stabilized Rent	Stabilized Rent/SF
6	1x1	922 SF	5,532 SF	$1,332	$1,450	$1.57
22	2x2 S	1,064 SF	23,408 SF	$1,371	$1,675	$1.57
10	2x2 S Reno	1,064 SF	10,640 SF	$1,657	$1,675	$1.57
25	2x2 M	1,080 SF	27,000 SF	$1,408	$1,685	$1.56
7	2x2 M Reno	1,080 SF	7,560 SF	$1,654	$1,685	$1.56
8	2x2 L	1,100 SF	8,800 SF	$1,456	$1,715	$1.56
17	2x2 L Garage	1,100 SF	18,700 SF	$1,478	$1,815	$1.65
7	2x2 L Reno Garage	1,100 SF	7,700 SF	$1,791	$1,815	$1.65
8	2x2 XL	1,208 SF	9,664 SF	$1,493	$1,825	$1.51
25	2x2 XL Garage	1,208 SF	30,200 SF	$1,625	$1,925	$1.59
2	2x2 XL Reno	1,208 SF	2,416 SF	$1,785	$1,825	$1.51
5	2x2 XL Reno Garage	1,208 SF	6,040 SF	$1,908	$1,925	$1.59
1	2/2.5 TH	1,435 SF	1,435 SF	$1,850	$2,100	$1.46
14	2/2.5 TH Garage	1,435 SF	20,090 SF	$1,841	$2,200	$1.53
5	2/2.5 TH Reno Garage	1,435 SF	7,175 SF	$2,101	$2,200	$1.53
2	3x2	1,555 SF	3,110 SF	$1,910	$2,200	$1.41
4	3x2 Garage	1,555 SF	6,220 SF	$1,945	$2,300	$1.48
2	3x2 Reno Garage	1,555 SF	3,110 SF	$2,240	$2,300	$1.48

Comparables

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Lease Comparables

Property	Beaumont Apartments	Coolidge Place Apartments	Gateway Lofts	Reserve at Falcon Point	Averages	Hunters Ridge
Distance to Subject	1.7 Miles	3.5 Miles	4.7 Miles	0.7 Miles	2.7 Miles
Year Built	2006	1972	2022	2016	2004	2004
Number of Units	89	186	181	116	143	170

1/1
$ / Unit	$1,243	$1,325	$1,721		$1,430	$1,450
SF	862	600	605		689	922
$ / SF	$1.44	$2.21	$2.84		$2.07	$1.57

2/2 S		2/1.5
$ / Unit	$1,598	$1,610	$1,936		$1,715	$1,675
SF	1,131	950	1,057		1,046	1,064
$ / SF	$1.41	$1.69	$1.83		$1.64	$1.57

2/2 M		2/1.5
$ / Unit	$1,598	$1,610	$1,936		$1,715	$1,685
SF	1,131	950	1,057		1,046	1,080
$ / SF	$1.41	$1.69	$1.83		$1.64	$1.56

2/2 L		2/1.5
$ / Unit	$1,598	$1,610	$2,191		$1,800	$1,715
SF	1,131	950	1,194		1,092	1,100
$ / SF	$1.41	$1.69	$1.84		$1.65	$1.56

2/2 XL
$ / Unit	$1,682		$2,191	$1,830	$1,901	$1,825
SF	1,176		1,194	1,300	1,223	1,208
$ / SF	$1.43		$1.84	$1.41	$1.55	$1.51

2/2.5 TH
$ / Unit	$2,288		$2,191		$2,240	$2,100
SF	1,480		1,194		1,337	1,435
$ / SF	$1.55		$1.84		$1.68	$1.46

3/2	2/2		2/2
$ / Unit	$2,288		$2,191		$2,240	$2,200
SF	1,480		1,194		1,337	1,555
$ / SF	$1.55		$1.84		$1.68	$1.41

Sales Comparables

Property Name	Submarket Name	Property Address	City	Sale Date	Sale Price	Number of Units	Gross Building SF	Price per Unit	Price per SF	Year Built	Cap Rate	Building Class
Hunters Ridge	Outer Clinton County	4060 Springer Way	East Lansing	Q4 2023	$34,650,000	170	221,371	$203,824	$157	2004	5.24%	B
Volaris Lansing	Forest View	4540 Collins Rd	Lansing	12/2021	$74,000,000	289	261,256	$256,055	$283	2023	4.21%	A
Club Meridian	Meridian Township/Okemos	4425 Heritage Ave	Okemos	6/2022	$70,500,000	406	355,565	$173,645	$198	2004	4.91%	B
Esker Square	Outer Ingham County	2030-2054 N Cedar St	Holt	4/2022	$20,000,000	90	90,000	$222,222	$222	2023	N/A	A
Newman Lofts	Grand River	200 Albert Ave	East Lansing	4/2022	$22,250,000	91	91,000	$244,505	$245	2019	N/A	A

Financials

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Sources & Uses

Total Capitalization

Sources	Amount	Amount per Unit	Percentage
Senior Loan	$21,026,000	$123,682	54.60%
Investor Equity	$17,215,000	$101,265	44.70%
Seller Credit	$240,000	$1,412	0.60%
Total	$38,481,000	$226,359	100.00%

Uses	Amount	Amount per Unit	Percentage
Purchase Price	$34,650,000	$203,824	90.00%
Loan Fee	$210,260	$1,237	0.50%
Non-Recourse Carveout Guarantee	$105,130	$618	0.30%
Closing Costs	$341,839	$2,011	0.90%
CapEx Budget	$2,056,660	$12,098	5.30%
Acquisition Fee	$540,000	$3,176	1.40%
Taxes and Insurance	$314,111	$1,848	0.80%
Working Capital	$263,000	$1,547	0.70%
Total	$38,481,000	$226,359	100.00%

Debt Assumptions

The expected terms of the debt financing are as follows:

Senior Debt:

Loan Type: Assumable Fixed
Lender/Servicer: Fannie Mae/Walker & Dunlop
Total Loan Amount: $21,026,000
Loan Term: 7.75 Years Remaining
Interest Rate: 3.33%
Interest-Only Period: 1.75 Years Remaining
Amortization: 30 Years
Initial Loan-to-Value: 60.7%
Loan-to-Cost⁽¹⁾: 57.3%

Future Supplemental in Month 25:

Loan Type: Supplemental Fixed
Lender/Servicer: Fannie Mae/Walker & Dunlop
Total Loan Amount: $2,993,790
Loan Term: 5.75 Years
Interest-Only Period: 0 Years
Amortization: 30 Years
Interest Rate: 8.28%
Loan-to-Stabilized Value: 50.5%
Loan-to-Cost⁽¹⁾: 65.4%
Underwritten DSCR: 1.35x

(1) Loan-to-cost is calculated as the loan amount divided by total cost (purchase price + capex budget)

There can be no assurance that the Sponsor will secure debt on the rates and terms noted above, or at all. All of the Sponsor’s estimated rates and terms of the debt financing are subject to lender approval, including but not limited to possible increases in capital reserve requirements for funds to be held in a lender-controlled capital reserve account.

A substantial portion of the total acquisition for the Property will be paid with borrowed funds. The use of borrowed money to acquire real estate is referred to as leveraging. Leveraging increases the risk of loss. If the Sponsor were unable to pay the payments on the borrowed funds (called a "default"), the lender might foreclose, and the Sponsor could lose its investment in its property.

Distributions

RM Communities intends to make distributions from Hunters Ridge Investors, LLC as follows:

Operating Cash Flow:

To the Investors, pari passu, all operating cash flows to a 7.0% preferred return;
Return of Capital to Members;
70% / 30% (70% to Investors / 30% to Promote) of excess cash flow thereafter.

Capital Event:

To the Investors, pari passu, all operating cash flows to a 7.0% preferred return;
Return of Capital to Members
Payment of Disposition Fee
70% / 30% (70% to Investors / 30% to Promote) of excess cash flow thereafter.

RM Communities intends to make distributions to investors after the payment of the company's liabilities (loan payments, operating expenses, and other fees as more specifically set forth in the LLC agreements, in addition to any member loans or returns due on member loan).

Distributions are expected to start in May 2024 and are projected to continue on a quarterly basis thereafter. Distributions are at the discretion of RM Communities, who may decide to delay distributions for any reason, including maintenance or capital reserves.

Cash Flow Summary
	Year 1	Year 2	Year 3⁽¹⁾	Year 4	Year 5⁽²⁾	Reversion⁽³⁾
Effective Gross Income (EGI)	$3,511,735	$3,904,052	$4,158,917	$4,313,058	$3,320,354	$4,543,300
Expense	$1,480,345	$1,529,039	$1,578,836	$1,627,038	$1,252,783	$1,774,207
Net Operating Income	$2,031,391	$2,375,013	$2,580,081	$2,686,020	$2,067,571	$2,769,093
Total Property Cash Flow	$1,340,403	$1,531,609	$4,052,010	$1,241,534	$27,689,873
Projected Investor Cash Flow
Investor-Level Cash Flows - Hypothetical $50,000 Investment⁽⁴⁾	($50,000)	$3,880	$4,435	$11,756	$3,593	$68,447

(1) Assumes a supplemental loan in Month 25 constrained to a 1.35x DSCR, fully amortizing immediately.

(2) The current business plan contemplates exiting prior to the end of the fifth year of operations, hence the decrease in Income, Expenses, and NOI.

(3) Reversion Expenses and Net Operating Income are tax-adjusted without the tax abatement based on the projected purchase price at sale.

(4) Projected returns are net of all fees.

RM Technologies, LLC and its affiliates do not provide any assurance of returns. The content on this page, including Sponsor’s pro forma projections, was provided by the Sponsor or an affiliate thereof. Although RM Technologies, LLC believes the Sponsor reliably produced this content, RM Technologies, LLC makes no representations or warranties as to the accuracy of such information and accepts no liability therefor. The assumptions and projections included in the content on this Page, including the Sponsor’s pro forma projections, are not reflective of the position of RM Technologies, LLC or any other person or entity other than the Sponsor or its affiliates. There can be no assurances that all or any of the Sponsor’s assumptions will be true, that actual performance will bear any relation to these hypothetical illustrations, or that the Sponsor’s investment objectives will be achieved. For additional information concerning the Sponsor’s assumptions and projections, and the significant risks involved in investing in real estate, please see the Disclaimers section below.

Fees

Certain fees and compensation will be paid over the life of the transaction; please refer to RM Communities' materials for details. The following fees and compensation will be paid^(1)(2)(3)(4):

One-Time Fees
Type of Fee	Amount of Fee	Received By
Acquisition Fee	1.56% of Purchase Price, or $540,000	Sponsorship Group
Financing Fee⁽¹⁾	1.0% of Refinanced Loan Amount or Supplemental	Sponsorship Group
Non-Recourse Carveout Guarantor Fee⁽²⁾	0.5% of Assumable Loan Amount	Split Among Specific Principals of the Sponsorship Group
Disposition Fee⁽³⁾	Up to 1.0% of Gross Sale Proceeds paid to Sponsorship	Sponsorship Group

Recurring Fees
Type of Fee	Amount of Fee	Received By
Asset Management Fee	1.5% of Effective Gross Income (EGI)	Sponsorship Group
Capital Improvement Supervision Fee	5% Capital Improvement Supervision fee on cost of major capital improvements	Village Green, Third Party Property Manager
Property Management Fee	Monthly, 2.85% of Effective Gross Income (EGI)	Village Green, Third Party Property Manager

(1) A Financing Fee will only be charged in the event of a refinancing or supplemental event. The current business plan and returns presented herein assume a supplemental event during the investment hold period outlined

(2) The lender is requiring a warm body guaranty in connection with the loan assumption. Principals from the Sponsorship Group, including the CEO of RM Communities, will be paid this fee in connection with serving as the guarantor and facilitating the loan assumption

(3) The Disposition Fee will only be paid if investors have received their full 7% accrued pref and had a full return of capital.

(4) Fees may be deferred to reduce impact to investor distributions.

Disclosures

RM Securities, LLC and its Affiliates Compensation

RM Securities, LLC, its registered representatives, affiliates, associated persons, and personnel of its affiliates who may also be associated with it, including our associated persons and personnel of our affiliates who are also be associated with RM Securities, LLC (it (“RM Securities,” “we,” “our,” or “us”) will receive fees, expense reimbursements, and other compensation (“Fees”) from the issuer of this investment offering, its sponsor, or an affiliate thereof (“Sponsor”), or otherwise in connection with Sponsor’s offering. The Fees paid to us are in addition to other fees you will pay to Sponsor or in connection with Sponsor’s investment offering. You will pay Fees to Sponsor, either directly or indirectly as an investor in the Sponsor’s offering. Sponsor will use the Fees you pay, as well as funds you invest in the relevant offering, to compensate us. The Fees paid to us will directly or indirectly be borne by you as the investor (typically, but not always, in the form of an expense of the Sponsor’s offering in which you invest) because such Fees will reduce the proceeds available for distribution to you and reduce the amount you earn over time.

For more information on the Fees paid to us, or any other Fees you will pay in connection with Sponsor’s offering, please carefully review the Sponsor’s Investment Documents. Please also carefully review RM Securities’ Form CRS, Regulation Best Interest Disclosures, and Limited Brokerage Services Agreement.

No Approval, Opinion or Representation, or Warranty by RM Securities, LLC

Sponsor has provided, approved, and is solely responsible in all aspects for the information on this webpage (“Page”), including Sponsor’s offering documentation, which may include without limitation the Private Placement Memorandum, Operating or Limited Partnership Agreement, Subscription Agreement, the Project Summary and all exhibits and other documents attached thereto or referenced therein (collectively, the “Investment Documents”). The Investment Documents linked on this page have been prepared and posted by Sponsor, and not by RM Securities. We did not assist in preparing, do not adopt or endorse, and we are not otherwise responsible for, the Sponsor’s Investment Documents. We make no representations or warranties as to the accuracy of information on this Page or in the Sponsor’s Investment Documents and we accept no liability therefor. No part of the information on this Page or in the Sponsor’s Investment Documents is intended to be binding on us.

Sponsor’s Information Qualified by Investment Documents

The information on this Page is qualified in its entirety by reference to the more complete information about the offering contained in the Sponsor’s Investment Documents. The information on this Page is not complete and subject to change at the Sponsor’s discretion at any time up to the closing date. The Sponsor’s Investment Documents and supplements thereto contain important information about the Sponsor’s offering including relevant investment objectives, the business plan, risks, charges, expenses, and other information, which you should consider carefully before investing. The information on this Page should not be used as a basis for an investor’s decision to invest.

Risk of Investment

This investment is speculative, highly illiquid, and involves substantial risk. There can be no assurances that all or any of Sponsor’s assumptions, expectations, estimates, goals, hypothetical illustrations, or other aspects of Sponsor’s business plans (“Assumptions”) will be true or that actual performance will bear any relation to Sponsor’s Assumptions, and no guarantee or representation is made that Sponsor’s Assumptions will be achieved. If Sponsor does not achieve its Assumptions, your investment could be materially and adversely affected. A loss of part or all of the principal value of your investment may occur. You should not invest unless you can readily bear the consequences of such loss. Sponsor’s Assumptions should not be relied upon as the primary basis for your decision to invest.

No Reliance on Forward-Looking Statements; Sponsor Assumptions

Sponsor is solely responsible for statements made concerning forward-looking statements and Assumptions, which apply only as of the date made, are preliminary and subject to change, and are expressly qualified in their entirety by the disclosures and cautionary statements included in Sponsor’s Investment Documents, which you should carefully review. Neither RM Securities nor Sponsor are obligated to update or revise such forward-looking statements or Assumptions to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Sponsor’s forward-looking statements and Assumptions are hypothetical, not based on actual investment achievements or events, and are presented solely for purposes of providing insight into the Sponsor’s investment objectives, detailing Sponsor’s anticipated risk and reward characteristics, and establishing a benchmark for future evaluation of actual results; therefore, they are not a predictor, projection, or guarantee of future results. You should not rely on Sponsor’s forward-looking statements as a basis to invest.

Importantly, we do not adopt, endorse, or provide any assurance of returns or as to the accuracy or reasonableness of Sponsor’s Assumptions or forward-looking statements.

No Reliance on Past Performance

Any description of past performance is not a reliable indicator of future performance and should not be relied upon as the primary basis to invest.

Sponsor’s Use of Debt

A substantial portion of the total cost of the real estate asset acquired by the Sponsor with investor funds (“Property”) will be paid with borrowed funds, i.e., debt. Sponsor’s estimated rates and terms of the debt financing are subject to lender approval, and there is no assurance that the Sponsor will secure debt at the rates and terms presented on this Page or in the Sponsor’s Investment Documents, or at all. The use of borrowed money to acquire real estate is referred to as leveraging, which can amplify losses and could result in lender foreclosure. In addition, if the debt includes a variable (or “floating”) interest rate, the total amount of interest paid over the term of the debt will fluctuate and can increase. As a result, Sponsor’s use of debt can result in a loss of some or all of your investment.

Sponsor’s Offering is Not Registered

Sponsor’s securities offering will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), in reliance upon the exemptions from registration pursuant to Rule 506(c) of Regulation D as promulgated under the Securities Act (“Private Placement”). In addition, the offering will not be registered under any state securities laws in reliance on exemptions from state registration. Such securities (your ownership interests) are subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under applicable state and federal securities laws pursuant to registration or an available exemption. All Private Placements on the Platform are intended solely for “Accredited Investors,” as that term is defined in Rule 501(a) under the Securities Act.

No Investment Advice

Nothing on this Page should be regarded as investment advice (either with respect to a particular security or regarding an overall investment strategy), a recommendation, an offer to sell, or a solicitation of or an offer to buy any security. Advice from a securities professional is strongly advised to understand and assess the risks associated with real estate or private placement investments. For additional information on RM Securities’ involvement in this offering, please carefully review the Sponsor’s Investment Documents, and RM Securities’ Form CRS, Regulation Best Interest Disclosures, and Limited Brokerage Services Agreement.

1031 Exchange Risk

Internal Revenue Code Section 1031 (“Section 1031”) contains complex tax concepts and certain tax consequences may vary depending on the individual circumstances of each investor. RM Securities and its affiliates make no representation or warranty of any kind with respect to the tax consequences of your investment or that the IRS will not challenge any such treatment. You should consult with and rely on your own tax advisor about the tax aspects with respect to your particular circumstances.

Property Name	Location	Multifamily Class	No. of Units	Year Built	Purchase Price	CapEx Budget	Status
Terrace Hill	El Paso, TX	B	310	1983	$18,700,000	$4,095,000	Full Cycle, Net IRR of 18.5% (23.1% deal-level)
La Privada	El Paso, TX	B	240	1982	$11,700,000	$1,867,000	Closed
The Hamptons	Virginia Beach, VA	B	212	1973	$19,051,000	$3,792,000	Closed
Pohlig Box Factory & Superior Warehouse	Richmond, VA	A-	93 & 7,700 Retail SF	2004	$15,900,000	$1,348,000	Closed
Lubbock Medical Office Building	Lubbock, TX	B	20,880 SF	1966	$8,350,000	NNN	Closed
Turtle Creek	Fenton, MO	A-	128	2018	$24,875,000	$596,000	Closed
The Orion	Orion Township, MI	B+	200	1995	$27,375,000	$2,308,000	Closed
Kings Landing	Creve Coeur, MO	A-	152 & 9,229 Retail SF	2005	$40,100,000	$3,885,850	Closed
Minnehaha Meadows	Vancouver, WA	A	49	2021	$16,450,000	$83,950	Closed
Roosevelt Commons	Vancouver, WA	A	36	2020	$12,550,000	$78,200	Closed
Bentley Apartments	Grove City, OH	A-	138	2020	$30,200,000	$650,000	Closed
Sherwood Oaks	Riverview, FL	B	199	1984	$35,000,000	$1,266,725	Closed
Haverford Place	Georgetown, KY	A-	160	2001	$31,050,000	$2,836,734	Closed
Edison Apartments	Gresham, OR	A	64	2020	$19,500,000	$203,390	Closed
Ridgeline View Townhomes	Vancouver, WA	A	50	2022	$18,100,000	$37,500	Closed
Brookside Apartments	Raleigh, NC	B	68	1986	$9,400,000	$1,402,680	Closed
223 E. Town Street	Columbus, OH	A	84	2017	$19,600,000	$301,566	Pending
Hunters Ridge Apartments	East Lansing, MI	B	170	2004	$34,650,000	$2,056,660	Pending
Total			2,353		$392,551,000	$26,809,225