Real Estate•Invictus Real Estate Partners

North Shore Boston Multi-Family Equity

Annualized return3

Target net annualized cash yield

~4%

Term

48 months

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Status

Closed

Recently funded

Accepting $5,000 - $1,000,000 investments

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Accepting $5,000 - $1,000,000 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

Desirable location

Market dynamics

Quality asset

Experienced team

The modern developments along Revere Beach represent the high end of the submarket developments and combine easy accessibility to downtown Boston (25 minutes) with relative affordability and oceanside lifestyle/views. Rents for 1-bedroom units on Revere Beach can be ~$1,000 cheaper than comparable quality options in downtown Boston. The current and planned developments, including the 10.5 million square foot, mixed-use redevelopment of the Suffolk Downs racetrack, are creating an attractive living ecosystem for residents in the area and are poised to serve as additional demand drivers in the long run. According to the Boston Planning and Development Agency, Suffolk Downs is one of the largest development projects in the United States and is expected to create up to 30,000 full-time jobs when complete.
Costar reports that the submarket has been a prime target for development in the past decade, with inventory increasing by over 50% over this time, which is supported by the highest absorption of any submarket in the Boston area as renters seek affordability and quality of life. Submarket vacancy currently stands at 10.5% as new deliveries are being leased up and is expected to fall to 5% by 2023. Rent growth is projected to be 8% in 2022, averaging 5% per year over the next 4 years. The property is located on Revere Beach, which is a focal point of the submarket and where comparable properties have occupancies greater than 90%.
Eliot on the Ocean has unobstructed beach frontage and is in close proximity to the Wonderland T-stop, which provides direct access to downtown Boston. The property consists of 194 market-rate residential units with 219 parking spaces. Units feature in-unit washer/dryer, granite countertops, hardwood floors and island kitchen benches. Building amenities include an electronic doorman, outdoor deck, lounge, co-working space and fitness center. \ \ The property’s project basis of $450k/unit and the projected sale price of $557k/unit compare favorably with comparable sales and construction costs on Revere Beach. A 2019-built property in close proximity to the subject sold for $518k/unit in October 2021.
The sponsor, Invictus Real Estate Partners, is a New York-based, real estate PE firm founded in March 2020 by Eric Scheffler and Christopher Pardo. As of 5/31/21, Invictus has closed 8 transactions with total equity investment of $125M. Prior to Invictus, Eric was a director at the CMBS group of Bear Stearns, GC and MD at Madison Realty Capital where he worked on loan workouts, including foreclosures, on over 150 deals. Most recently, Eric was the principal and GC at Glacier Global Partners, a real estate PE firm. \ \ In addition to the experience of Invictus and its founders, the sponsor has also retained Greystar as property manager. Greystar is the largest property manager in the United States, managing approximately 415k units across the nation.

Essentials

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

Capital structure

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Cash flow

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Assets

What is the asset underlying the transaction?

Returns & Management fees

Ann'l management fee

Target ann'l net return

14% - 16%

Inv share in excess profits

100%

Target equity multiple

1.6x - 1.8x

Target ann'l net cash yield

~4%

Schedule

Payment schedule

Quarterly + event based

Prefunded

Yes

Target term

48 months

Structure

Tax document

K-1

Offering structure

SPV

Expenses

Ann'l flat expense

0.25%

Docs

Content

This offering page describes only certain aspects of the offering ("Offering") of the securities issued by YS IVC REQ II LLC. The Offering is made only by means of the Investment Memorandum relating to the Offering (the "Offering Document"). The information on this offering page is a summary of the Offering, does not purport to be complete and should not be considered a part of the Offering Document, or as incorporated in the Offering Document by reference or as forming the basis of the Offering. No person has been authorized to give any information or to make any representations other than those contained in the Offering Document or in any marketing or sales literature issued by the Issuer or Yieldstreet Management, LLC, as adviser thereto, and referred to in the Offering Document, and, if given or made, such information or representations must not be relied upon. All investors must read the Offering Document in its entirety prior to investing in the securities.

Investing in private markets and alternatives, such as this offering, is speculative and involves a risk of loss, and those investors who cannot afford to lose their entire investment should not invest. Returns are not guaranteed.

¹ Past performance is no guarantee of future results. Any historical returns, expected returns, or probability projections may not reflect actual future performance. All securities involve risk and may result in significant losses.

² Represents an average net realized internal rate of return (IRR) with respect to all matured investments in your portfolio, utilizing the effective dates and amounts to and from the investments and net of management fees and all other expenses charged to the investments. Past performance is not a reliable indicator of future results and should not be relied upon as the basis for making an investment decision. All securities involve risk and may result in significant losses, including the loss of principal invested.[read more]

³ "Annual interest," "Annualized Return" or "Target Returns" represents a projected annual target rate of interest or annualized target return, and not returns or interest actually obtained by fund investors. “Term" represents the estimated term of the investment; the term of the fund is generally at the discretion of the fund’s manager, and may exceed the estimated term by a significant amount of time. Unless otherwise specified on the fund's offering page, target interest or returns are based on an analysis performed by Yieldstreet of the potential inflows and outflows related to the transactions in which the strategy or fund has engaged and/or is anticipated to engage in over the estimated term of the fund. There is no guarantee that targeted interest or returns will be realized or achieved or that an investment will be successful. Actual performance may deviate from these expectations materially, including due to market or economic factors, portfolio management decisions, modelling error, or other reasons.

⁴ Reflects the annualized distribution rate that is calculated by taking the most recent quarterly distribution approved by the Fund's Board of Directors and dividing it by prior quarter-end NAV and annualizing it. The Fund’s distribution may exceed its earnings. Therefore, a portion of the Fund’s distribution may be a return of the money you originally invested and represent a return of capital to you for tax purposes.

⁵ Represents the sum of the interest accrued in the statement period plus the interest paid in the statement period.

⁶ The internal rate of return ("IRR") represents an average net realized IRR with respect to all matured investments, excluding our Short Term Notes program, weighted by the investment size of each individual investment, made by private investment vehicles managed by YieldStreet Management, LLC from July 1, 2015 through and including July 18th, 2022, after deduction of management fees and all other expenses charged to investments.

⁷ Investors should carefully consider the investment objectives, risks, charges and expenses of the Yieldstreet Prism Fund before investing. The prospectus for the Yieldstreet Prism Fund contains this and other information about the Fund and can be obtained by emailing [email protected] or by referring to www.yieldstreetprismfund.com. The prospectus should be read carefully before investing in the Fund. Investments in the Fund are not bank deposits (and thus not insured by the FDIC or by any other federal governmental agency) and are not guaranteed by Yieldstreet or any other party.

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