Assets Managed
These are the properties that we currently own and asset manage
Park Valley Apartment Homes
Decatur, Georgia
A turn key asset located in the surging South DeKalb submarket of Atlanta. This asset has already received a total facelift outside and has fully renovated interior units as well. An institutional quality asset that offers a strong momentum through significant operational efficiencies.
Role
Co-General Partner (GP), Capital Raiser
Size
236 units
Strategy
Value Add / Momentum
Class
B+
Financing
Assumable Fannie Mae plus supplemental fixed rate Agency
Target Equity Multiple
2.01x
Orchard Manor Townhomes
Louisville, Kentucky
A value add / momentum play in the desirable and quickly growing Hikes Point neighborhood only a half mile from major national retailers. With the addition of new, highly competent management we plan to execute a business plan of renovating units, incorporating multiple capex project and bringing our units from some of the lowest rents in the area to the middle of the pack. We partnered with highly knowledgeable and seasoned operators with years of multifamily experience.Role
Co-General Partner (GP)
Size
32 units
Strategy
Value Add / Momentum
Class
C+
Financing
Agency Debt, 2 years IO
Target Equity Multiple
1.98x
Northside Townhomes
Hickory, North Carolina
Value add through renovations and operational upside. After purchase we hired strong professional property management to help us lower operating expenses and increase rents thus increasing our net operating income. It was important to bring in a qualified property manager (PM) that was on board with our business plan of light rehabs from the beginning. Following this plan we have risen rents on average $139/door and added a water fee all within the first two years of ownership. Northside is centrally located in Hickory, close to local schools, shops and businesses of the downtown area, it is less than an hour from Charlotte.
Role
Owner / Joint Venture
Size
32 units
Strategy
Value Add / Momentum
Class
B
Financing
Fixed Rate Agency
Target Equity Multiple
2.19x
Assets Sold
Properties that were previously in our portfolio
Briarwood Townhomes
Hickory, North Carolina
Value add through operational upside and light renovations. Purchased from mom and pop, self managing owners ready to get out. We were able to negotiate a "dead deal from the Loopnet graveyard" into something viable. This was RYDON's start in out of town ownership, we were able to bring on qualified management, after some trial and error, and begin turning units increasing value. Largest value add came from lower expenses over $500 per door! Various capital expense projects (capex) were completed and units were turned allowing us to bring them to market, increasing our overall net operating income.
Role
Owner
Size
16 units
Strategy
Value Add / Momentum
Class
B-
Financing
Private Capital
Purchase/Sales Price
$420,000 / $810,000
Monhagen Ave Apartments
Middletown, New York
Value add through raising rents to market, a self managed property. This is where we cut our teeth, Don meticulously maintained the property, including capex such as a brand new energy efficient heating system, new EPDM roof and unit interiors. He also collected rents door to door, worked with tenants, completed the marketing, showed units and so on. Ryan mowed the lawn, cleaned units and helped with turns; we learned the apartment business here. We also learned why 3rd party professional management and solid, conservative underwriting is so important.
Role
Owner / Manager
Size
11 units + 1 cafe
Strategy
Value Add / Momentum
Class
C-
Financing
Local Bank
Purchase/Sales Price
$420,000 / $695,000
Passive Investments
Investing in other's real estate ventures for passive income and diversification
Greenville SC Portfolio
A total of two apartment complexes totaling 281 units. These assets located in North Eastern Greenville required both operational and physical improvements to obtain superior performance. This includes changing and bettering management, rebranding, capital projects and apartment renovations.
Florida Equity Fund
Stabilized apartments in premier cities throughout Florida. Over 1,000 A and A+ units with ultra desirable finishes and amenities for the discerning professionals and families. These are newly built communities with easy access to some of the best dining, shopping and entertainment in the state.
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