PORTFOLIO INVESTMENTS
Partners. Visionaries.
DREAMFINDERS HOMES
Dreamfinders homes led by Patrick Zalupski was an early stage investment. Based on Patrick’s vision and dedication to residential home building in key markets in a capital efficient manner, we invested in Dreamfinders Homes. Their huge success snd subsequent IPO proved that our early-stage decision to invest in them was the right one. We continue to believe in the team and still hold this investment.
OCEAN RIDGE DEVELOPMENT
ST. AUGUSTINE BEACH
We partnered with McGarvey Communities and MountainStar Capital to develop a 73 home residential community in St. Augustine Beach. Ocean Ridge is a unique, environmentally sensitive community that blends Florida beach-style architecture in a neighborhood with lake views and a private swim club located just blocks away from the beach. With an oak canopy and hilly topography, Ocean Ridge offers beautiful treed lots and sea breezes while maintaining the innate beauty of the last planned community in St. Augustine Beach. All the lots were sold in 2020 for a exit multiple of 1.63x.
2391 PARTNERS STORAGE
We partnered and funded a capital investment with NAI Hallmark to develop a multi-story air-conditioned storage facility in the heart of St. Augustine which was eventually sold to Life Storage pre-stabilization for a 2.3x multiple.
TARPON SPRINGS COMMERICAL CENTER
We invested in a newly constructed 16,456-square-foot retail strip center in Tarpon Springs alongside Ally Capital/Franklin Street. The building was leased to property’s tenants like TGH (Tampa General Hospital) Urgent Care, Aspen Dental, Firehouse Subs and medical marijuana retailer Trulieve. After stabilization, it was sold for a 1.65x multiple after 22 months.
TUSCARORA CREEK DEVELOPMENT
We purchased horizontally developed land lots 10 minutes outside historic downtown Frederick, Maryland. Tuscarora Creek became an established amenity-filled neighborhood. with zero-entry pool, walking the nature trails nearby, gorgeous vistas of the Catoctin Mountains, and Tuscarora Creek. The lots were sold to Dreamfinders Homes and utilizing leverage resulted in a >20% IRR.
BROOKLYN VISTA
We funded the preferred equity investment alongside MountainStar Capital in the Bristol Development/NAI Hallmark's development of a 308 unit, 10 story luxury apartment complex located in Riverside, between Five Points & downtown Jacksonville. Our investment had significant downside protection within the capital stack and after completion the project sold for a record of $410k per unit.
VILLAGES OF VALENCIA
We invested in horizontally developed land community in St. Augustine, Florida. We purchased 70 lots which were eventually sold to DreamFinders homes for an IRR of 20%.
AUSTIN CENTER - WESTSHORE - TAMPA, FL
We invested in an office complex with 5 multi-story building in the heart of Tampa's Westshore district through Ally Capital/Franklin Street. With 300,000 sq. ft, 10+ acres, and 800 ft on Westshore Blvd, this long term investment has numerous possibilities including redevelopment. Since acquisition the center has been renovated and leased by Franklin Street to a cash flow producing asset and won the award for Best Rehab / Reuse Project in 2021. We continue to believe in Andrew Wright & Franklin Street's long term vision and hold this property in our investment portfolio.
NORTHFIELD - FORT COLLINS, COLORADO
We have invested through DF Capital Management in a fully entitled land development project in Fort Collins, Colorado. Fort Collins is one of the faster growing areas of the Denver Metro Area, with its own unique economy supported by strong job growth across a variety of industries and Colorado State University. The project started in 2021 and 327 lots will be developed and sold by the end of 2025 for a >20% IRR.
FLAGLER CROSSING MULTIFAMILIY SAINT AUGUSTINE, FL
We have invested through Corner Lot Development and Andy Allen, George Leone, & Scott Hobby in a $65m multifamily development project built by Summit Contracting Group. At completion, it will consist of 17 three-story buildings with 510 apartment comprised of one, two, and three-bedroom luxury apartment homes on the San Sebastian River.
ARTEA MULTIFAMILY - SAN MARCO JACKSONVILLE, FL
We have funded & invested in a $80m multifamily development project in Southbank San Marco residential community in Jacksonville with Corner Lot Living. It is being built by Summit Contracting Group and will consist of 340 Class A apartments. The four-story building will include a pool, multiple amenity spaces, a roof top deck for public and private use, and a 425-space parking garage artistically-screened in colors that reflect the look and feel of downtown Jacksonville.
DF CAPITAL MANAGEMENT
We have participated in both DF Residential I and II Funds which invests in residential land to provide finished lots to homebuilders for the construction of entry-level homes which remain in short supply across the country. DF Capital executes this strategy by investing in fully entitled land, while securing all builder contracts and deposits prior to land purchase.
ALLY CAPITAL GROUP REAL ESTATE OPPORTUNITY FUND I, L.P.
Ally Capital R.E. Opp. Fund I, led by Andrew Wright, has a focus on the southeast and primarily Florida where population growth remains strong. the fund focuses on good market entry and distressed real estate opportunities. The fund's strategies include note purchases, bankruptcies, physical repositions, management turnarounds, covered land plays and development.
THE KALLAN MF - FORUM INVESTMENT GRP
In 2022, we invested in the Kallan through Darren Fisk and Forum Investing Group. The multifamily development consists of two- and three-story, garden-style units and sits on a 10.7-acre site on the western edge of Reno, NV, just on the eastern slope of the Sierra Nevada Mountain Range. Ideally located only 5 miles from the California border, The Kallan aims to provide much needed housing for the California and Reno work forces, priced out of Truckee and North Lake Tahoe markets.
TWO KINGS REAL ESTATE
Two Kings is a vertically integrated owner-operator of real estate in Manhattan, investing in apartments, hotels, office and retail space.