PROPERTIES/
MARBELLA
OCEANSIDE, CA
MSA: San Diego
Investment Type: Value-Add
Purchase Price: $6,900,000
Equity Required: $4,800,000
Stabilized Cap Rate: 10.7%
Marbella is a 21-unit beachfront property on the renowned “Strand” in Oceanside, CA. Acquired in October 2020, the property was under managed by previous owners and it presented a significant value-add potential. The $6.9 million acquisition and $1.3 million renovation budget was financed with low leverage (50%) non-recourse long-term debt and $4.8 million of equity. During the pandemic the entire property was vacated and the renovations completed. We repositioned and branded the property as vacation rentals, achieving gross revenue over 2x the average monthly long-term rental rates. The current cash return is on track to exceed the original proforma by more than 20%./
PALMA de la REINA
SAN DIEGO, CA
MSA: San Diego
Investment Type: Development
Purchase Price: $19,500,000
Equity Required: $2,500,000
Stabilized Yield On Cost: 10%
Palma de la Reina is located in Rancho Santa Fe, CA and is a 54-unit multifamily property with an adjacent 30,000 SF office and retail building. Our team completed the development of the five-acre property, executed the lease-up and arranged the take-out loan. Located in what traditionally was exclusively a single family home market, the property is the only luxury apartment community currently operating in Rancho Santa Fe./
PARK CREST TOWNHOMES
VANCOUVER, WA
MSA: Portland, OR | Vancouver, WA
Investment Type: Value-Add
Purchase Price: $6,400,000
Equity Required: $3,800,000
Stabilized Cap Rate: 8.5%
Park Crest Townhomes is a 34-unit community of walk-up townhomes located in Vancouver, WA. Acquired in August 2021 in an off-market transaction at a significant discount, Cavanaugh Investments syndicated $3.8 million in equity with long-term fixed rate debt at 3.2%, and under 65% leverage. A value-add strategy included professional, active asset management and select upgrades, allowing us to capitalize on improving market fundamentals. The property is currently achieving rents over 15% higher than proforma renovated rents./
PALMA de la REINA
SAN DIEGO, CA
MSA: San Diego
Investment Type: Development
Purchase Price: $19,500,000
Equity Required: $2,500,000
Stabilized Yield On Cost: 10%
Palma de la Reina is located in Rancho Santa Fe, CA and is a 54-unit multifamily property with an adjacent 30,000 SF office and retail building. Our team completed the development of the five-acre property, executed the lease-up and arranged the take-out loan. Located in what traditionally was exclusively a single family home market, the property is the only luxury apartment community currently operating in Rancho Santa Fe./
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