Fund III

Rosehill Preserve



Equity Invested to Date
Asset type
Investment Objective
Value Add
Investment Date
May 2019
Realized IRR
Realized Net Multiple

Investment Summary

Rosehill Preserve is a 396 unit, Class B+ apartment community that is centrally located between downtown Orlando and the Orlando International Airport (MCO). This commercial real estate property benefits from its immediate proximity to prominent local and national retail, direct access to pedestrian trails along a water filled preserve and best-in-class amenity set including two pools, a master clubhouse, separate resident lounge, large gym and multiple dog parks. The garden community sits on 35 acres consisting of 20 buildings and is located within a tight submarket, which averages a 98% occupancy rate.

We purchased Rosehill Preserve from a seller who completed $5.4 million in capital improvements from January 2017 to April 2019. The improvements included renovations to the common areas, property exterior and 80% of interior units. We purchased the property with plans to renovate 20% of the property, reducing execution risk and capital spend. Our acquisition price represented a 9% discount to recent trades of comparable properties in the market and a discount in excess of 25% compared to the cost to replace the property at the time of the sale.

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