FIDES Investment, LLC (“FIDES”) announces the sale of The Isles apartments, two vintage rehab properties totaling 85 units located in the heart of Uptown Minneapolis. FIDES joint ventured with CPM and a privately held investment firm. The properties were purchased in September 2014. The sale price equated to $161,000/unit. The average property level return equated to a 19% IRR and a 1.7x multiple. “Like most of the other properties purchased in this portfolio, we improved unit interiors with a heavy emphasis on upgrading the kitchens. The properties were rebranded as an affordable ‘upgraded vintage style’ apartment that was not widely available in the Uptown market at the time of our acquisition. Approximately 40% of the apartment units were renovated along with common areas which translated into a total revenue increase of approximately 40% from takeover to disposition. Monthly parking charges were increased by 70% during the same timeframe. Unlike most of the competition in this submarket, Isles contains 50% two bedroom units and 88 off-street parking spaces which provided a strong competitive advantage and was instrumental in driving investment performance,” said Gregg Handrich of FIDES. FIDES oversaw the acquisition, renovation, asset management and sale process.
https://tlpfides.com/wp-content/uploads/2021/01/TLP_Fides_logo.png00Steve Bunninghttps://tlpfides.com/wp-content/uploads/2021/01/TLP_Fides_logo.pngSteve Bunning2017-11-03 18:25:092023-01-05 18:26:42$13.69 Million Sale of Vintage Apartments, Uptown Minneapolis
FIDES Investment, LLC divested a total of 594 units in 16 different properties during 2017. The properties were primarily value-add acquisitions in suburban Chicago and downtown Minneapolis, and were purchased during 2014 and 2015. “The strong investment climate was ideal for maximizing offers. Each deal had multiple bidders and debt financing was plentiful. Over the last several years we invested capital to upgrade the properties, and this resulted in significant revenue growth. We felt that 2017 was an ideal time to sell the assets due to favorable market conditions. This resulted in an average cap rate of 4.80%, and an average property IRR of 20%.” said Gregg Handrich of FIDES.
https://tlpfides.com/wp-content/uploads/2021/01/TLP_Fides_logo.png00Steve Bunninghttps://tlpfides.com/wp-content/uploads/2021/01/TLP_Fides_logo.pngSteve Bunning2017-10-17 18:21:542023-01-05 18:22:53$2.4 Million Sale of “Eat Street” Brownstones, Minneapolis
FIDES Investment, LLC (“FIDES”) announces the sale of Loring Grove apartments, a value-add vintage property totaling 64 units located in the highly desirable Loring Park neighborhood of downtown Minneapolis. FIDES joint ventured with CPM and a privately held investment firm. The properties were purchased in September 2014. The sale price equated to $141,500/unit. The property level return equated to an 18% IRR and a 1.6x multiple. “The plan was to improve the lobby/common area areas, upgrade unit kitchens, and capitalize on the off-street parking that had not been marketed effectively by the prior owner and was being rented at rates that were well below market. Approximately 35% of the unit interiors were upgraded and the property was rebranded with a heavy emphasis on the 62 off-street parking spaces which are a tremendous competitive advantage in this congested downtown location. Total revenues increased approximately 38% from takeover to disposition. Parking revenues tripled over the three-year period. The proximity to downtown Minneapolis and abundance of parking were key drivers for this investment,” said Gregg Handrich of FIDES. FIDES oversaw the acquisition, renovation, asset management and sale process.
https://tlpfides.com/wp-content/uploads/2021/01/TLP_Fides_logo.png00Steve Bunninghttps://tlpfides.com/wp-content/uploads/2021/01/TLP_Fides_logo.pngSteve Bunning2017-09-07 18:26:522023-01-05 18:28:30$9.05 Million Sale of Vintage Apartments in Loring Park, Minneapolis
FIDES Investment, LLC (“FIDES”) announces the sale of Fulton Terrace apartments, a 7-story value-add property totaling 26 units located south of Linden Hills in close proximity to Edina. FIDES joint ventured with CPM and a privately held investment firm. The properties were purchased in September 2014. The sale price equated to $155,000/unit. The average property level return equated to a 20% IRR and a 1.7x multiple. “The strategy was to improve the facade and main lobby to call attention to the front of property which is situated on a highly-visible, high-traffic street. Approximately 1/3 of the unit interiors were upgraded and the property was rebranded with a heavy emphasis on the underground parking amenity. Total revenues increased approximately 36% from takeover to disposition. The highly visible location, lack of competition and underground parking were key components to the success of this investment,” said Gregg Handrich of FIDES. FIDES oversaw the acquisition, renovation, asset management and sale process.
https://tlpfides.com/wp-content/uploads/2021/01/TLP_Fides_logo.png00Steve Bunninghttps://tlpfides.com/wp-content/uploads/2021/01/TLP_Fides_logo.pngSteve Bunning2017-09-01 18:23:552023-01-05 18:24:59$4.03 Million Sale of Mid-Rise Apartments, South Minneapolis
FIDES Investment, LLC (“FIDES”) announces the sale of El Capitan and Granada, two vintage rehab properties totaling 52 units located in the heart of Uptown Minneapolis. FIDES joint ventured with CPM and a privately held investment firm. The properties were purchased in September 2014. The sale price equated to $160,000/unit. The average property level return equated to a 17% IRR and a 1.6x multiple. “Our strategy was to improve unit interiors, common areas and rebrand both properties to offer a mid-priced ‘upgraded vintage style’ floor plan that was not available in the Uptown market. At time of acquisition, the sub-market consisted of expensive brand new and lower cost un-renovated vintage buildings. Approximately 40% of the apartment units were renovated along with common areas which translated into a total revenue increase of approximately 37% from takeover to disposition. The A+ location of these properties along with the unique upgraded vintage product offering were key components in the success of this investment,” said Gregg Handrich of FIDES. FIDES oversaw the acquisition, renovation, asset management and sale process for the venture.
https://tlpfides.com/wp-content/uploads/2021/01/TLP_Fides_logo.png00Steve Bunninghttps://tlpfides.com/wp-content/uploads/2021/01/TLP_Fides_logo.pngSteve Bunning2017-05-31 18:29:322023-01-05 18:31:01$8.3 Million Sale of Minneapolis Apartments
FIDES Investment, LLC (“FIDES”) announces the sales of Park Crossing, a 32-unit apartment building located in Downers Grove, IL, and Maple Park, a 34-unit apartment building located in Naperville, IL. FIDES joint ventured with a privately held investment firm that purchased the properties in January 2014. The recent sale price was just under $140,000/unit. The property level return equated to a 20% IRR and a 1.7x multiple. “Our strategy was to improve the curb appeal and unit interiors of the properties in conjunction with installing professional on-site management. Additionally, we felt that property rents at acquisition were significantly below comparable properties. Approximately 60% of the apartment units were renovated along with common areas at an approximate cost of $13,650/unit, which translated into rental rate increases of approximately 30% from takeover to disposition. The strong location of these properties coupled with the renovation program provided our investors with attractive risk-adjusted returns,” said Gregg Handrich of FIDES. FIDES oversaw the acquisition, renovation, asset management and sale process.
https://tlpfides.com/wp-content/uploads/2021/01/TLP_Fides_logo.png00Steve Bunninghttps://tlpfides.com/wp-content/uploads/2021/01/TLP_Fides_logo.pngSteve Bunning2017-03-17 18:31:482023-01-05 18:32:42$9.0 Million Sale of Illinois Apartment
$13.69 Million Sale of Vintage Apartments, Uptown Minneapolis
November 2017
FIDES Investment, LLC (“FIDES”) announces the sale of The Isles apartments, two vintage rehab properties totaling 85 units located in the heart of Uptown Minneapolis. FIDES joint ventured with CPM and a privately held investment firm. The properties were purchased in September 2014. The sale price equated to $161,000/unit. The average property level return equated to a 19% IRR and a 1.7x multiple. “Like most of the other properties purchased in this portfolio, we improved unit interiors with a heavy emphasis on upgrading the kitchens. The properties were rebranded as an affordable ‘upgraded vintage style’ apartment that was not widely available in the Uptown market at the time of our acquisition. Approximately 40% of the apartment units were renovated along with common areas which translated into a total revenue increase of approximately 40% from takeover to disposition. Monthly parking charges were increased by 70% during the same timeframe. Unlike most of the competition in this submarket, Isles contains 50% two bedroom units and 88 off-street parking spaces which provided a strong competitive advantage and was instrumental in driving investment performance,” said Gregg Handrich of FIDES. FIDES oversaw the acquisition, renovation, asset management and sale process.
$2.4 Million Sale of “Eat Street” Brownstones, Minneapolis
October 2017
FIDES Investment, LLC divested a total of 594 units in 16 different properties during 2017. The properties were primarily value-add acquisitions in suburban Chicago and downtown Minneapolis, and were purchased during 2014 and 2015. “The strong investment climate was ideal for maximizing offers. Each deal had multiple bidders and debt financing was plentiful. Over the last several years we invested capital to upgrade the properties, and this resulted in significant revenue growth. We felt that 2017 was an ideal time to sell the assets due to favorable market conditions. This resulted in an average cap rate of 4.80%, and an average property IRR of 20%.” said Gregg Handrich of FIDES.
$9.05 Million Sale of Vintage Apartments in Loring Park, Minneapolis
September 2017
FIDES Investment, LLC (“FIDES”) announces the sale of Loring Grove apartments, a value-add vintage property totaling 64 units located in the highly desirable Loring Park neighborhood of downtown Minneapolis. FIDES joint ventured with CPM and a privately held investment firm. The properties were purchased in September 2014. The sale price equated to $141,500/unit. The property level return equated to an 18% IRR and a 1.6x multiple. “The plan was to improve the lobby/common area areas, upgrade unit kitchens, and capitalize on the off-street parking that had not been marketed effectively by the prior owner and was being rented at rates that were well below market. Approximately 35% of the unit interiors were upgraded and the property was rebranded with a heavy emphasis on the 62 off-street parking spaces which are a tremendous competitive advantage in this congested downtown location. Total revenues increased approximately 38% from takeover to disposition. Parking revenues tripled over the three-year period. The proximity to downtown Minneapolis and abundance of parking were key drivers for this investment,” said Gregg Handrich of FIDES. FIDES oversaw the acquisition, renovation, asset management and sale process.
$4.03 Million Sale of Mid-Rise Apartments, South Minneapolis
September 2017
FIDES Investment, LLC (“FIDES”) announces the sale of Fulton Terrace apartments, a 7-story value-add property totaling 26 units located south of Linden Hills in close proximity to Edina. FIDES joint ventured with CPM and a privately held investment firm. The properties were purchased in September 2014. The sale price equated to $155,000/unit. The average property level return equated to a 20% IRR and a 1.7x multiple. “The strategy was to improve the facade and main lobby to call attention to the front of property which is situated on a highly-visible, high-traffic street. Approximately 1/3 of the unit interiors were upgraded and the property was rebranded with a heavy emphasis on the underground parking amenity. Total revenues increased approximately 36% from takeover to disposition. The highly visible location, lack of competition and underground parking were key components to the success of this investment,” said Gregg Handrich of FIDES. FIDES oversaw the acquisition, renovation, asset management and sale process.
$8.3 Million Sale of Minneapolis Apartments
May 2017
FIDES Investment, LLC (“FIDES”) announces the sale of El Capitan and Granada, two vintage rehab properties totaling 52 units located in the heart of Uptown Minneapolis. FIDES joint ventured with CPM and a privately held investment firm. The properties were purchased in September 2014. The sale price equated to $160,000/unit. The average property level return equated to a 17% IRR and a 1.6x multiple. “Our strategy was to improve unit interiors, common areas and rebrand both properties to offer a mid-priced ‘upgraded vintage style’ floor plan that was not available in the Uptown market. At time of acquisition, the sub-market consisted of expensive brand new and lower cost un-renovated vintage buildings. Approximately 40% of the apartment units were renovated along with common areas which translated into a total revenue increase of approximately 37% from takeover to disposition. The A+ location of these properties along with the unique upgraded vintage product offering were key components in the success of this investment,” said Gregg Handrich of FIDES. FIDES oversaw the acquisition, renovation, asset management and sale process for the venture.
$9.0 Million Sale of Illinois Apartment
March 2017
FIDES Investment, LLC (“FIDES”) announces the sales of Park Crossing, a 32-unit apartment building located in Downers Grove, IL, and Maple Park, a 34-unit apartment building located in Naperville, IL. FIDES joint ventured with a privately held investment firm that purchased the properties in January 2014. The recent sale price was just under $140,000/unit. The property level return equated to a 20% IRR and a 1.7x multiple. “Our strategy was to improve the curb appeal and unit interiors of the properties in conjunction with installing professional on-site management. Additionally, we felt that property rents at acquisition were significantly below comparable properties. Approximately 60% of the apartment units were renovated along with common areas at an approximate cost of $13,650/unit, which translated into rental rate increases of approximately 30% from takeover to disposition. The strong location of these properties coupled with the renovation program provided our investors with attractive risk-adjusted returns,” said Gregg Handrich of FIDES. FIDES oversaw the acquisition, renovation, asset management and sale process.