Greensboro NC is undergoing its most significant skyline change in decades.
Cornerstone Investment Partners, LLC. ventured in a $3,600,000 equity raise investment opportunity for the acquisition of Chapel Walk Apartments in Greensboro, NC, a 92% occupied, 128-unit garden-style apartment complex (the "Property") constructed in 2001.
As of February 2020 Chapel Walk is looking to raise the final $900,000 required to complete the proposed renovations and thus promote the potential for rent increase from the current $1,080,00 to approximately $1,306,560 per year.
Cornerstone is projecting the property's Net Operating Income (NOI) to grow from its current under- performing Trailing 12-months level of ~$573,000 to approximately ~$919,000 in the projected Year 5, at the proposed asset disposition.
As a result, over a 5-year hold scenario at an assumed conservative 6.75% exit cap rate, Class A Members are projected to receive a projected ~19.2% in total cash flow distributions (projected as a 9.9% annualized cash distribution) during the holding period and a projected total return of 96.0% which includes equity appreciation realized at time of sale.
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