FIDES Investment, LLC (“FIDES”) announces the sale of Geneva Park, a 56-unit apartment building located in Geneva, IL. FIDES joint ventured with a privately held investment firm that bought the failed condominium conversion in October 2013 in a short sale transaction simultaneously with the individual purchase of the previously sold condominiums. The recent sale price was just under $115,000/unit. The property level return equated to a 19% IRR and a 1.7x multiple. “Our strategy was to convert the failed condominiums back to apartments and significantly renovate the property and improve onsite management. Within the first year of ownership, we encountered 75% unit turnover and undertook a full-scale renovation program. Approximately 60% of the apartment units were renovated along with common areas and amenities at an approximate cost of $15,000/unit, which translated into significant rental rate increases. The end result was top-line revenue growth of approximately 40% from takeover to disposition. Although the transformation of the property from a failed Class C condominium conversion to a Class B apartment asset was time consuming and at times challenging, it provided our investors with an attractive risk adjusted return,” 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 Bunning2017-03-16 18:34:412023-01-05 18:36:06$6.35 Million Value-Add Apartment Sale
FIDES Investment, LLC (“FIDES”) announces its tenth joint venture with a high net worth family office for the acquisition of a land parcel slated for development in downtown Highwood located at the SW corner of Green Bay Road and Washington Avenue. The parcel, which was previously improved with a restaurant, is strategically located in downtown Highwood and just two blocks from the Metra commuter train station and all the downtown retail, restaurants and other amenities. The site boasts a very strong walk score of 79. Before closing on the parcel, FIDES rezoned the property which is now approved for a 4-story 28-unit luxury apartment building. Additionally, FIDES worked closely with the village to obtain TIF financing to offset some of the infrastructure costs. “This off-market transaction represents a very unique investment opportunity when coupled with the increased density and TIF financing,” said Gregg Handrich of FIDES. “Highwood has a tremendous Northshore location and boasts some of the best restaurant options in the area. The lack of new rental options in this community creates a compelling development opportunity that we are excited to undertake.“ FIDES will oversee the development and asset management for the partnership.
https://tlpfides.com/wp-content/uploads/2021/01/TLP_Fides_logo.png00Steve Bunninghttps://tlpfides.com/wp-content/uploads/2021/01/TLP_Fides_logo.pngSteve Bunning2016-11-22 17:57:202023-01-05 18:02:12Land Acquisition for Development
FIDES Investment, LLC (“FIDES”) announces the sale of Laguna, a 45-unit luxury apartment building located in the heart of Uptown Minneapolis. FIDES joint ventured with a local developer/manager and a privately held investment firm. The development parcel was bought “off market” in early 2015. Building construction was completed in May 2016, and the building was successfully leased up in just over 4 months. The sale price was just under $380,000/unit. The property level return equated to a 31% IRR and a 1.8x multiple. “We were very pleased to be able to develop, lease and sell the asset in just over a two year window. The high quality location, overall building design and strong sub-market were clearly the main drivers in the strong success of this development,” said Gregg Handrich of FIDES. FIDES oversaw the 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 Bunning2016-03-16 18:33:432023-01-05 18:34:28$17 Million Upscale Apartment Sale
FIDES Capital Partners, LLC (“FIDES”) announces its ninth joint venture with a high net worth family office for the acquisition of a three building portfolio in urban Minneapolis. The buildings are located in the Whittier neighborhood of Minneapolis and is just minutes from downtown Minneapolis. The neighborhood is home to the Minneapolis Institute of Art, Minneapolis College of Art and Design, and the Children’s Theatre. The properties are just two blocks from these neighborhood anchors. Only a few blocks to the West is Nicollet Avenue which is known as Eat Street due to the many diverse restaurants, coffee shops and Asian markets. FIDES was responsible for sourcing, formulating the asset plan, underwriting and financing the transaction. FIDES is joint venturing with CPM Property Management on the acquisition to provide local property management and market expertise. “This off-market opportunity was compelling as it added to our urban vintage base of units in Uptown but also added diversification in terms of a different sub-market” said Gregg Handrich of FIDES. “We believe this neighborhood has a great deal of upside due to the close in location, the stability provided the college and museum as well as the long range plans to provide light rail along Nicolet to downtown Minneapolis. We are planning to invest capital to upgrade the unit interiors, exteriors and common areas of the assets as well as a complete marketing overhaul. The vintage buildings have a great deal of character. These properties just need to be marketed and managed in a different manner.” FIDES will asset management the investment and oversee the capital upgrade program.
https://tlpfides.com/wp-content/uploads/2021/01/TLP_Fides_logo.png00Steve Bunninghttps://tlpfides.com/wp-content/uploads/2021/01/TLP_Fides_logo.pngSteve Bunning2015-10-31 18:05:582023-01-05 18:07:12Acquistion of Vintage Apartments
FIDES Capital Partners, LLC (“FIDES”) announces its seventh and eighth joint ventures with a high net worth family office for the acquisition of two land parcels with the potential to develop approximately 50+ luxury apartment units exceeding $13.0 million in total capitalization. Both parcels are strategically located in the heart of downtown Libertyville and Lake Bluff and within one to two blocks from the Metra commuter train station. FIDES was responsible for sourcing, underwriting, financing and crafting a conceptual development plan for both sites. “These were off-market opportunities with irreplaceable locations,” said Gregg Handrich of FIDES. “ Both sites have older existing apartment buildings that rest on sites that are ripe for a higher density development. The key will be working with the local villages to conceive a development plan that works for both the community and the owner.“ FIDES will develop and asset management both investments.
https://tlpfides.com/wp-content/uploads/2021/01/TLP_Fides_logo.png00Steve Bunninghttps://tlpfides.com/wp-content/uploads/2021/01/TLP_Fides_logo.pngSteve Bunning2015-07-03 18:08:102023-01-05 18:09:23Acquisition of Multi-Family Land
FIDES Capital Partners, LLC (“FIDES”) announces its sixth joint venture on the acquisition of a multifamily land parcel in Uptown Minneapolis. The site is located in the heart of Uptown and in close proximity to the 407-unit Vintage apartment portfolio that FIDES acquired in September 2014. The planned 45-unit development will include a parking garage, fitness center and social room. Construction is expected to start in May 2015. FIDES is joint venturing with CPM Development which will provide local development and property management expertise. “The proposed property will provide a nice compliment to our existing portfolio as it will allow us to offer a full range of pricing options to our residents. Adding units in the same sub-market as our existing properties will also provide greater scale for our property management team,” said Gregg Handrich of FIDES. “The site is located in the highly desirable Uptown area of Minneapolis and encompasses four older apartment buildings that will be demolished as part of the re-development plan. Uptown’s future supply is limited, which provides us with a strategic development window as we plan to begin leasing the property in early 2016.” FIDES will also provide asset management services for the project.
https://tlpfides.com/wp-content/uploads/2021/01/TLP_Fides_logo.png00Steve Bunninghttps://tlpfides.com/wp-content/uploads/2021/01/TLP_Fides_logo.pngSteve Bunning2015-01-15 18:10:352023-01-05 18:11:38$13.6 Million Land Acquisition
$6.35 Million Value-Add Apartment Sale
March 2017
FIDES Investment, LLC (“FIDES”) announces the sale of Geneva Park, a 56-unit apartment building located in Geneva, IL. FIDES joint ventured with a privately held investment firm that bought the failed condominium conversion in October 2013 in a short sale transaction simultaneously with the individual purchase of the previously sold condominiums. The recent sale price was just under $115,000/unit. The property level return equated to a 19% IRR and a 1.7x multiple. “Our strategy was to convert the failed condominiums back to apartments and significantly renovate the property and improve onsite management. Within the first year of ownership, we encountered 75% unit turnover and undertook a full-scale renovation program. Approximately 60% of the apartment units were renovated along with common areas and amenities at an approximate cost of $15,000/unit, which translated into significant rental rate increases. The end result was top-line revenue growth of approximately 40% from takeover to disposition. Although the transformation of the property from a failed Class C condominium conversion to a Class B apartment asset was time consuming and at times challenging, it provided our investors with an attractive risk adjusted return,” said Gregg Handrich of FIDES. FIDES oversaw the acquisition, renovation, asset management and sale process.
Land Acquisition for Development
November 2016
FIDES Investment, LLC (“FIDES”) announces its tenth joint venture with a high net worth family office for the acquisition of a land parcel slated for development in downtown Highwood located at the SW corner of Green Bay Road and Washington Avenue. The parcel, which was previously improved with a restaurant, is strategically located in downtown Highwood and just two blocks from the Metra commuter train station and all the downtown retail, restaurants and other amenities. The site boasts a very strong walk score of 79. Before closing on the parcel, FIDES rezoned the property which is now approved for a 4-story 28-unit luxury apartment building. Additionally, FIDES worked closely with the village to obtain TIF financing to offset some of the infrastructure costs. “This off-market transaction represents a very unique investment opportunity when coupled with the increased density and TIF financing,” said Gregg Handrich of FIDES. “Highwood has a tremendous Northshore location and boasts some of the best restaurant options in the area. The lack of new rental options in this community creates a compelling development opportunity that we are excited to undertake.“ FIDES will oversee the development and asset management for the partnership.
$17 Million Upscale Apartment Sale
March 2017
FIDES Investment, LLC (“FIDES”) announces the sale of Laguna, a 45-unit luxury apartment building located in the heart of Uptown Minneapolis. FIDES joint ventured with a local developer/manager and a privately held investment firm. The development parcel was bought “off market” in early 2015. Building construction was completed in May 2016, and the building was successfully leased up in just over 4 months. The sale price was just under $380,000/unit. The property level return equated to a 31% IRR and a 1.8x multiple. “We were very pleased to be able to develop, lease and sell the asset in just over a two year window. The high quality location, overall building design and strong sub-market were clearly the main drivers in the strong success of this development,” said Gregg Handrich of FIDES. FIDES oversaw the sale process.
Acquistion of Vintage Apartments
October 2015
FIDES Capital Partners, LLC (“FIDES”) announces its ninth joint venture with a high net worth family office for the acquisition of a three building portfolio in urban Minneapolis. The buildings are located in the Whittier neighborhood of Minneapolis and is just minutes from downtown Minneapolis. The neighborhood is home to the Minneapolis Institute of Art, Minneapolis College of Art and Design, and the Children’s Theatre. The properties are just two blocks from these neighborhood anchors. Only a few blocks to the West is Nicollet Avenue which is known as Eat Street due to the many diverse restaurants, coffee shops and Asian markets. FIDES was responsible for sourcing, formulating the asset plan, underwriting and financing the transaction. FIDES is joint venturing with CPM Property Management on the acquisition to provide local property management and market expertise. “This off-market opportunity was compelling as it added to our urban vintage base of units in Uptown but also added diversification in terms of a different sub-market” said Gregg Handrich of FIDES. “We believe this neighborhood has a great deal of upside due to the close in location, the stability provided the college and museum as well as the long range plans to provide light rail along Nicolet to downtown Minneapolis. We are planning to invest capital to upgrade the unit interiors, exteriors and common areas of the assets as well as a complete marketing overhaul. The vintage buildings have a great deal of character. These properties just need to be marketed and managed in a different manner.” FIDES will asset management the investment and oversee the capital upgrade program.
Acquisition of Multi-Family Land
July 2015
FIDES Capital Partners, LLC (“FIDES”) announces its seventh and eighth joint ventures with a high net worth family office for the acquisition of two land parcels with the potential to develop approximately 50+ luxury apartment units exceeding $13.0 million in total capitalization. Both parcels are strategically located in the heart of downtown Libertyville and Lake Bluff and within one to two blocks from the Metra commuter train station. FIDES was responsible for sourcing, underwriting, financing and crafting a conceptual development plan for both sites. “These were off-market opportunities with irreplaceable locations,” said Gregg Handrich of FIDES. “ Both sites have older existing apartment buildings that rest on sites that are ripe for a higher density development. The key will be working with the local villages to conceive a development plan that works for both the community and the owner.“ FIDES will develop and asset management both investments.
$13.6 Million Land Acquisition
January 2015
FIDES Capital Partners, LLC (“FIDES”) announces its sixth joint venture on the acquisition of a multifamily land parcel in Uptown Minneapolis. The site is located in the heart of Uptown and in close proximity to the 407-unit Vintage apartment portfolio that FIDES acquired in September 2014. The planned 45-unit development will include a parking garage, fitness center and social room. Construction is expected to start in May 2015. FIDES is joint venturing with CPM Development which will provide local development and property management expertise. “The proposed property will provide a nice compliment to our existing portfolio as it will allow us to offer a full range of pricing options to our residents. Adding units in the same sub-market as our existing properties will also provide greater scale for our property management team,” said Gregg Handrich of FIDES. “The site is located in the highly desirable Uptown area of Minneapolis and encompasses four older apartment buildings that will be demolished as part of the re-development plan. Uptown’s future supply is limited, which provides us with a strategic development window as we plan to begin leasing the property in early 2016.” FIDES will also provide asset management services for the project.