Property

Brunswick Landing Portfolio Brunswick, ME

Property
Type
Multi-Family
Investment Type
Property
Asset Profile
Value Add
Min. Investment
$50K
Estimated Hold
3-5Y
Target Return (IRR)
28.2%
Target Annual Cash
19.2%
Target Equity Multiple
1.7x
This deal is oversubscribed
 

Offered By

Presidium Group Elite Sponsor

Austin, TX

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Assets Under
Management

Currently
$882MM
Exited
$327MM
Portfolio LTV
75%
Historical
Realized Returns

Total IRR
47%
Equity Multiple
3x
Annual Cash
10%
Years Of
Experience

As Principals
30+ years
In Business
15 years
Size
300 Staff
* All information is reported by Presidium Group as of 4/11/2017.
 

About this Property

The Portfolio offers a rare opportunity to make a large, strategic purchase in the Midcoast area of Maine by acquiring 6 residential communities. With a total unit count of 407, the Portfolio represents a combination of high quality real estate assets including condo-style townhouses, garden-style apartments, single-family homes, and military-designed efficiency units, plus 53 acres of additional land. The low cost basis, combined with interior and exterior renovation potential, provides the opportunity to realize outsized returns by increasing rents to meet the high market demand, as evidenced by historically high occupancies and a waiting list of future tenants. Presidium, and our local partner Helios, are acquiring the Portfolio at a 7.2% going-in cap rate.

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Key Points

  • Increase rents to market level immediately post-closing with minimal Capex dollar inputs, as evidenced by 100% occupancies historically and a waiting list.
  • Implement a RUBS system which bills back utility expenses from tenant.
  • The redevelopment of Brunswick Naval Air Station by the Midcoast Regional Redevelopment Authority (MRRA) has been deemed an extreme success that attracted 88 businesses since 2011 and created 900 new jobs during fiscal year 2015. Approximately 700 additional new jobs are in the process of coming on-line.
  • In Topsham, the Patriot Commons (the Portfolio property) is located adjacent to Topsham’s high, middle and elementary schools (Mt. Ararat). In both areas, the Portfolio has been operated at above 95% occupancies historically with a waiting list.
  • Potential to develop 250 new units on the 53 acres of excess land, 30 acres of which already have existing permit, roadways and infrastructure in-place to build 100 new units.
 

Financials

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Location Details

Brunswick, ME

The Portfolio is extremely well positioned with 5 assets located in Brunswick adjacent to the former Brunswick Naval Air Base, and the 6th in Topsham close to Mt. Ararat High School, Middle School, and Elementary School. Both communities are situated close to Maine’s most travelled highway system.

Brunswick and Topsham, commonly referred to in Maine as the “Midcoast”, are located approximately 30 minutes north of Portland, Maine’s largest city, and approximately 2 hours north of Boston. The Midcoast area consists of approximately 95,000 people within a 15 mile radius and is considered a bedroom community of Portland. The Cooks Corner area of Brunswick, where 5 of the 6 properties are located, includes the former Brunswick Naval Air Station which was closed in 2011 and has since been successfully redeveloped into a market-rate office and industrial business park. Cooks Corner is considered the commercial and retail hub for the Midcoast.

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Documents

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Frequently Asked Questions

Below are some of the most frequently asked questions about this offering.

The first projected distribution is scheduled for October 2017.

Distributions are scheduled to go out on a quarterly basis.

No, this offering is only available to US residents.

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Have a Question?

Send Presidium Group and/or RealCrowd a message. If you have a question about this offering ask Presidium Group. If you have a question about the transaction process or other general inquiry, RealCrowd will be happy to help.

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