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First Citizens Bank Plaza and Sarasota City Center represent a diverse range of two value-add office assets comprising 721,686 total sf. While both properties are located in the downtown central business districts of their major markets (Charlotte, NC and Sarasota, FL), they each include a wide assortment of leasing stability and capital needs. The Dilweg Companies, LLC is raising additional equity to meet anticipated future project costs. Based on the base case underwriting, the opportunity is expected to yield a 23.8% gross levered internal rate of return and a 2.3x levered multiple of cost over a 4 year hold period.
Available to Accredited Investors:
First Citizens Bank Plaza is located in Charlotte, NC which has approximately 47M square feet of total office space, of which nearly 31M is Class-A. Within the Charlotte market, the downtown business district, commonly referred to as “Uptown,” is the single largest submarket with approximately 17M square feet, 12M of which is Class-A. The submarket is dominated by approximately 27 high rise buildings (greater than 10 stories) which make up approximately 15.5M of the 17M SF office market.
Sarasota City center is located in Sarasota, FL. Sarasota has approximately 13.5 million SF of office space, of which roughly 5.5 million is Class A. Within the Sarasota market, the central business district, referred to as “Downtown,” is the one of the largest submarkets in the city with approximately 2.5 million SF, 1.7 million of which is Class A. The inventory of office buildings in the submarket is a mixture of low, mid, and high rise buildings. High rise (greater than 10 stories) Class A buildings account for 1.1M SF.
Available to Accredited Investors:
Below are some of the most frequently asked questions about this offering.
The first projected distribution is scheduled for April 2021.
Distributions are scheduled to go out on a quarterly basis.
No, this offering is only available to US residents.
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Send The Dilweg Companies and/or RealCrowd a message. If you have a question about this offering ask The Dilweg Companies. If you have a question about the transaction process or other general inquiry, RealCrowd will be happy to help.
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RealCrowd is excited to announce a new classification system for sponsors that utilize our platform. Historically we have included all qualified sponsors in one class based on meeting our minimum thresholds of experience, both in time as a principal in the real estate business as well as portfolio and transaction value.
The new classification system of sponsor qualifications aims to further increase the amount of opportunities investors will have access to and provide more information as to the qualifications of the sponsorship.
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