Real Estate

Harbor Group Multi-Family Eq Portfolio I

Annualized return3

Term3

71 months

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Status

Closed

Recently funded

Accepting $15,000 - $500,000 investments

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Accepting $15,000 - $500,000 investments

Overview

Important Notes

This offering is not available to pension plans, defined benefit plans, defined contribution plans, retirement plans, IRAs, 401(k) and 403(b) funds, and funds comprised of these plans and funds.

Highlights

Experience sponsor
Strong markets
Attractive basis
Business plan support
  • The sponsor, Harbor Group International (HGI), is a global real estate investment and management firm with $13.5B in real estate assets under management. HGI’s investments include 284 assets with 48,000 multifamily units and 4.3M SF of commercial space. HGI was founded in 1985, has approximately 1,200 employees worldwide and executes on its primary business areas: acquisitions, dispositions, asset management, construction, leasing, and property management. As of 12/31/2020, HGI has realized 333 investments with a net IRR of 16.85% and equity multiple of 1.54x.

  • Olive Ridge: The submarket has benefitted from an increase in demand from renters that are looking to cut costs as average rents in the submarket trail the L.A. County average by 20%. Vacancy is expected to remain below 3.0% as new development is uncommon with only a 4% increase in inventory in the last 20 years.

    The Henry: The submarket has performed well year-over-year with vacancy rates in line with its historical average. New construction is unusual and the lack of new supply is expected to put downward pressure on vacancy, keeping it in line with or below the historical average.

    Royal Athena: According to CoStar, the submarket comprises Philadelphia’s wealthiest suburbs and is well- situated between the area’s main white-collar employment centers, Center City Philadelphia and King of Prussia. Vacancy rates are expected to decrease from their current level as new construction begins to taper off. Building fundamentals and outlook here

  • The portfolio was purchased at an attractive cost-basis that is below replacement cost in each respective submarket.

    Olive Ridge was acquired for ~$212K per unit while the properties in the sales comparison set sold for ~$323K on average per unit.

    The Henry was acquired for ~$320K per unit while the properties in the sales comparison set sold for ~$329K on average per unit.

    Royal Athena was acquired for ~$216K per unit while the properties in the sales comparison set sold for ~$306K on average per unit.

  • The sponsor’s business plan is supported by rent comparables. Given that rents at all three buildings sit below comparable properties in each of the submarkets, the sponsor is expecting to increase rents annually following the completion of the planned renovations. On a combined basis, the sponsor projects net rental income generated by the whole portfolio to increase by 4.0% per annum over the hold period.

Essentials

Please refer to the Investment Memorandum in the Documents section for more details about this offering.

Capital structure

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Cash flow

How do I get paid?

Assets

What is the collateral underlying the transaction?

Returns & Management fees

Ann'l management fee

2%

Target ann'l net return

12% - 13%

Share in excess profits

100%

Target equity multiple

1.85x - 1.95x

Target ann'l cash yield

~4.25%

Schedule

Payment schedule

Quarterly + event based

Prefunded

Target term

6 years

Structure

Tax document

K-1

Offering structure

SPV

Expenses

First year expense

$150

Annual Flat Expense

$70

Docs

Content

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9 Statistics as of the most recent month end.

300 Park Avenue 15th Floor, New York, NY 10022

844-943-5378

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