Superior Risk-Adjusted Returns in U.S. Real Estate Investments

Portfolio

Current Portfolio

Yellow location indicators are case studies;
click to view details.

Case Study One

Carol Oaks
Fort Worth, Texas

Carol Oaks was acquired as a class C property in a fast gentrifying location. Within two years PRC executed the business plan of rebranding and partially rehabbing the asset to prove its viability as a class B property, and sold it accordingly.

  • Hold Period: 2015 – 2017
  • Vintage: 1974
  • Units: 224
  • IRR: 47%
  • CoC: 10%
  • Multiple: 2.09x

Case Study Two

Landmark at Creekside
Atlanta, Georgia

This asset comprised two adjacent communities that had operated as one. PRC split the two communities, rebranded and partially rehabbed them to different standards, added amenities to better compete with market peers, and sold each community separately at different times to take advantage of higher valuations given by smaller buyers.

  • Hold Period: 2017 – 2019
  • Vintage: 2005
  • Units: 492
  • IRR: 24%
  • CoC: 8.8%
  • Multiple: 1.45x

Case Study Three

Bonita Fountains
Orlando, Florida

We acquired Bonita Fountains as an under-managed, class B- asset in a strong location. PRC rebranded and upgraded the property into a class B+ asset, generating enough value to refinance in 2018, enabling the investment group to extract 37% of the original equity. Upon the sale, we were able to achieve a 3.51x multiplier.

  • Hold Period: 2015 – 2021
  • Vintage: 1987
  • Units: 560
  • IRR: 33%
  • CoC: 16.3%
  • Multiple: 3.51x

Case Study Four

The Aspect
Austin, Texas

The Aspect was acquired as a value-add property, boasting a superior amenity set and located at close proximity to major employment hubs including Oracle’s new cloud campus and Tesla’s future 2nd US “Gigafactory”. PRC implemented a $2.75mm renovation with an extensive exterior project which included major foundation repairs. Upon sale we were able to achieve a 61% IRR.

  • Hold Period 2020-2021
  • Vintage 2001
  • Units 308
  • IRR: 61%
  • CoC: 8.3%
  • Multiple: 2.12x