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
  • Purchase Price: $9mm
  • Sale Price: $14.1mm
  • 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
  • Purchase Price: $61mm
  • Sale Price: $73.6mm
  • 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 at an implied 2.15x multiple.

The capital event enabled the investment group to extract 37% of the original equity, and now the asset generates a double-digit cash yield on the outstanding equity balance.

  • Hold Period: 2015 – Present
  • Vintage: 1987
  • Units: 560
  • Purchase Price: $42.7mm
  • Refinance Value: $61.6mm
  • Implied IRR: 32%
  • Implied CoC: 14.5%
  • Implied Multiple: 2.15x