Type: Suburban multifamily
Location: 7300 Cedar Post Rd, Liverpool, NY 13088
Operating Partner: ELAR
Deal Size: $49,500,000
Closing Date: Jun, 2023
Status: Complete
Term: 5 years
Projected IRR: 20.3%
Strategy: Value-add multifamily

Summary: Syracuse, a Central New York metro area, has been experiencing rapid growth in recent years due to an expanding local labor market. Initially fueled by Amazon’s largest fulfillment center, this growth recently accelerated with a $100-billion investment in a new semiconductor manufacturing facility by Micron, New York State, and the federal government. This massive project, consisting of four “fabs,” is expected to bring nearly 50,000 jobs to Syracuse in the coming decade.

Elar (previously R&S), the operating partner, has gradually built a sizeable portfolio of high-performing multifamily communities in the Syracuse market. Pinecrest, a 386-apartment complex, is strategically located a short 10–15-minute drive from both the Micron site and the Amazon facility. Built in 1968, the property was purchased in an off-market deal directly from the original developer. The business plan includes renovating over 80% of the apartments, renewing the common areas, and investing in enhanced landscaping and amenities to improve the living experience.

In 12 months, the partnership exceeded expectations by increasing the average rent by 12.5% (vs. a projected 3.75%), boosting NOI by over 30%, and achieving a 38% ROI on unit renovations. The property is now cash-flowing at 12% exceeding cashflow projections by 2x

Type: Multi-tenant retail development
Location: 75 Newport Ave, Rumford RI
Operating Partner: ALRIG USA
Deal Size: $7,400,000
Closing date: Oct, 2022
Status: post-construction
Term: 2 years
Projected IRR: 29%
Strategy: Ground-up development

Summary: This project involves the ground-up development of a multi-tenant retail building in an affluent suburb of Providence. The property is anchored by Chipotle, which identified and chose the site. ALRIG, the operating partner, is a preferred developer for national retailers like Starbucks, Chick-Fil-A, and WellNow. Before construction began, ALRIG successfully pre-leased 50% of the property, with all leases being “triple net” (NNN), meaning tenants cover expenses such as property tax, insurance, and maintenance. The building was completed over an 8.5-month period, achieving a 7.8% yield-on-cost. The plan is to sell the property at a 6.25% cap rate upon stabilization, aiming for a 51% return on equity over the two-year holding period. If market conditions do not support an attractive sale, the partnership may replace the construction loan with longer-term debt, expected to yield an 8-10% annual cash-on-cash return.

Type: NYC mixed-use property
Location: 2647 Broadway, Manhattan NY
Operating Partner: Aulder Capital
Deal Size: $22,000,000
Closing date: Jan, 2022
Status: pre-stabilization
Term: 5-7 years
Projected IRR: 16.4%
Strategy: Distressed property rehabilitation

Summary: This mixed-use property was acquired at a significant discount from a distressed seller during the COVID-19 pandemic. At the time of acquisition, 21 out of 28 apartments and both retail spaces were vacant. Within 18 months, the partnership successfully renovated and leased all vacant apartments, achieving rental rates 7% higher than the pro forma estimates. The building's common areas were also rehabilitated, and one of the two retail spaces was leased. The second retail space is expected to be leased soon. Once fully leased, the property will secure permanent financing, targeting a 5% cash-on-cash return while strategically positioning for an optimal exit opportunity.

Type: Suburban multi-family community
Location: 15 Fox Hall, Newark DE
Operating Partner: Aulder Capital
Deal Size: $53,000,000
Closing date: Oct, 2017
Status: Sold; Dec, 2021
IRR: 19%
Strategy: Value-add

Summary: A 414-unit multi-family community in Newark, Delaware. This 1960s Class-B community was primed for a value-add rehabilitation project. By renovating 60% of the apartments and upgrading the common areas (e.g., lobbies, pool, and gym), the partnership successfully increased the property’s average rent by 30%. While ongoing cash flows missed the business plan’s target, a successful exit after four years of investment yielded a net equity multiple of 1.9x to GR Equity investors.