FIDES Capital Partners, LLC (“FIDES”) announces its fifth joint venture with a high-net-worth family office on the acquisition of a Minneapolis urban apartment portfolio with a total capitalization of $40.0+ million. The 11-property portfolio is concentrated in Uptown and Downtown Minneapolis. FIDES was responsible for sourcing, formulating the asset plan, underwriting and financing the transaction. FIDES is joint venturing with CPM Property Management on this acquisition to provide local property management and market expertise.
“We’ve been working to penetrate the Minneapolis market for the past two years due to the city’s vibrant economy. When this offering hit the market in May, it was clearly the ideal opportunity,” said Gregg Handrich of FIDES. “The portfolio is primarily located in the highly desirable Uptown and Loring Park areas of downtown Minneapolis and provides an instant multifamily platform in that city. The previous owner owned the properties for many years and took very good care of these older vintage-style buildings. But what made the deal extremely appealing was the fact that the prior owner did not invest in unit interiors and kept rents below market to obtain above market occupancy.”
Handrich continued, “The new construction taking place in these sub-markets achieves rental rates that are approximately 75% higher than older vintage product. 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 properties, which were built in the 1920’s, have so much character and charm. These qualities just need an updated marketing plan. Currently, residents only have two options in Uptown: brand new residences or older, outdated buildings. We believe there is an unfilled market to provide an updated classic urban product at pricing which is still substantially below the new product. Residents want both the location and the charm at a reasonable price”.
FIDES will asset management the portfolio and oversee the capital upgrade program. FIDES partnered with CPM Property Management who is a local apartment management company based in Uptown that provides a strong and very capable local partner. “We felt it was important to have a local partner for our initial investment in Minneapolis. After interviewing a number of local groups, it was clear that CPM was a great personality fit with a strong presence right in the heart of this portfolio. CPM is a dynamic and very competent partner who we envision partnering with on other opportunities as well,” concluded Handrich.
https://tlpfides.com/wp-content/uploads/2021/01/TLP_Fides_logo.png00Steve Bunninghttps://tlpfides.com/wp-content/uploads/2021/01/TLP_Fides_logo.pngSteve Bunning2014-10-27 18:14:202023-01-05 18:15:07$40 Million Closing
FIDES Capital Partners, LLC (“FIDES”) announces its second and third joint ventures with a family office client on the acquisition of two apartment properties totaling 66 units with a total capitalization of $7.5 million. The properties are located in Naperville and Downers Grove, IL. FIDES was responsible for sourcing, developing the asset plan, underwriting and financing the transaction. “This is a typical value-add investment for us,” said Gregg Handrich of FIDES “as both properties had complacent property management with rents that were substantially below the competition. We are planning to invest additional capital to upgrade the interiors and exteriors of the properties, and we will completely rebrand the assets. Although FIDES was not the high-bidder, the seller was confident that FIDES would close the transaction.” FIDES will asset manage both properties and will oversee the capital upgrade programs.
https://tlpfides.com/wp-content/uploads/2021/01/TLP_Fides_logo.png00Steve Bunninghttps://tlpfides.com/wp-content/uploads/2021/01/TLP_Fides_logo.pngSteve Bunning2014-01-16 18:12:022023-01-05 18:13:32$7.5 Million Acquisition
FIDES Capital Partners, LLC (“FIDES”) announces a joint venture with a family office on the acquisition of a $4.2 million, 56-unit broken condominium property in Geneva, IL. FIDES was responsible for sourcing, underwriting, and financing the acquisition. FIDES also developed the asset plan, which includes converting the asset to a straight multifamily rental property. “This acquisition was very challenging” said Gregg Handrich of FIDES “as it entailed the negotiation of a short-sale agreement with the prior owner and lender, and the negotiation and purchase of the previously sold condominium units. FIDES was not the high bidder, but the owner and seller were comfortable that FIDES could understand and close this complicated acquisition. The upside in improving the management and physical condition of the asset will be worth the effort.” FIDES will oversee the value-add strategy which includes upgrading both the interior and exterior of the asset as well as re-branding and upgrading the property’s position in the market.
https://tlpfides.com/wp-content/uploads/2021/01/TLP_Fides_logo.png00Steve Bunninghttps://tlpfides.com/wp-content/uploads/2021/01/TLP_Fides_logo.pngSteve Bunning2013-10-22 18:36:562023-01-05 18:37:44$4.2 Million Acquisition, Geneva IL
FIDES Capital Partners, LLC (“FIDES”) announces that it has served as the financial advisor on the $16.5 million acquisition of Lakewood Lodge Apartments, a 454-unit multifamily community in north suburban Indianapolis, IN. FIDES worked on behalf of the acquirer, an affiliate of The RADCO Companies, to source and develop the initial strategic asset plan to turnaround the property, which was acquired from the Lehman bankruptcy estate. “This acquisition marks the third deal we have sourced for RADCO. All said, about $65 million of deals within 6 months.” 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 Bunning2013-07-17 18:38:252023-01-05 18:42:01$16.5 Million Equity Closing, Indianapolis, IN
FIDES Capital Partners, LLC (“FIDES”) announces that it has served as the financial advisor on the $19.0 million acquisition of Covington Court Apartments, a 208-unit multifamily community in the Chicago suburb of St. Charles, IL. FIDES worked on behalf of the acquirer, an affiliate of The RADCO Companies, to source, underwrite and develop the blueprint for the turnaround strategy of the property. “This acquisition coupled with the Brittany acquisition in Geneva, which we were also involved with, gives RADCO an excellent market presence that will allow them to efficiently and effectively operatie and rebrand the two properties.” 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 Bunning2013-06-12 18:40:032023-01-05 18:41:07$19.0 Million Equity Closing, St. Charles, IL
FIDES Capital Partners, LLC (“FIDES”) announces that it has served as the financial advisor on the $28.0 million acquisition of Brittany Court Apartments, a multifamily community in the Chicago suburb of Geneva, IL. FIDES worked on behalf of the acquirer, an affiliate of The RADCO Companies, to underwrite and develop the turnaround strategy for the property. FIDES will also assist in the going-forward asset management of the 226-unit Class B property. “There aren’t many opportunities in the market that offer value day one. Brittany does not require significant capital, yet provides strong existing cash flow and additional upside that can be achieved through RADCO’s proven operating, re-branding and marketing strategies,” said Greg Longoria 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 Bunning2013-02-28 18:42:452023-01-05 18:43:41$28.0 Million Equity Closing, Geneva IL
$40 Million Closing
October 2014
FIDES Capital Partners, LLC (“FIDES”) announces its fifth joint venture with a high-net-worth family office on the acquisition of a Minneapolis urban apartment portfolio with a total capitalization of $40.0+ million. The 11-property portfolio is concentrated in Uptown and Downtown Minneapolis. FIDES was responsible for sourcing, formulating the asset plan, underwriting and financing the transaction. FIDES is joint venturing with CPM Property Management on this acquisition to provide local property management and market expertise.
“We’ve been working to penetrate the Minneapolis market for the past two years due to the city’s vibrant economy. When this offering hit the market in May, it was clearly the ideal opportunity,” said Gregg Handrich of FIDES. “The portfolio is primarily located in the highly desirable Uptown and Loring Park areas of downtown Minneapolis and provides an instant multifamily platform in that city. The previous owner owned the properties for many years and took very good care of these older vintage-style buildings. But what made the deal extremely appealing was the fact that the prior owner did not invest in unit interiors and kept rents below market to obtain above market occupancy.”
Handrich continued, “The new construction taking place in these sub-markets achieves rental rates that are approximately 75% higher than older vintage product. 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 properties, which were built in the 1920’s, have so much character and charm. These qualities just need an updated marketing plan. Currently, residents only have two options in Uptown: brand new residences or older, outdated buildings. We believe there is an unfilled market to provide an updated classic urban product at pricing which is still substantially below the new product. Residents want both the location and the charm at a reasonable price”.
FIDES will asset management the portfolio and oversee the capital upgrade program. FIDES partnered with CPM Property Management who is a local apartment management company based in Uptown that provides a strong and very capable local partner. “We felt it was important to have a local partner for our initial investment in Minneapolis. After interviewing a number of local groups, it was clear that CPM was a great personality fit with a strong presence right in the heart of this portfolio. CPM is a dynamic and very competent partner who we envision partnering with on other opportunities as well,” concluded Handrich.
$7.5 Million Acquisition
January 2014
FIDES Capital Partners, LLC (“FIDES”) announces its second and third joint ventures with a family office client on the acquisition of two apartment properties totaling 66 units with a total capitalization of $7.5 million. The properties are located in Naperville and Downers Grove, IL. FIDES was responsible for sourcing, developing the asset plan, underwriting and financing the transaction. “This is a typical value-add investment for us,” said Gregg Handrich of FIDES “as both properties had complacent property management with rents that were substantially below the competition. We are planning to invest additional capital to upgrade the interiors and exteriors of the properties, and we will completely rebrand the assets. Although FIDES was not the high-bidder, the seller was confident that FIDES would close the transaction.” FIDES will asset manage both properties and will oversee the capital upgrade programs.
$4.2 Million Acquisition, Geneva IL
October 2013
FIDES Capital Partners, LLC (“FIDES”) announces a joint venture with a family office on the acquisition of a $4.2 million, 56-unit broken condominium property in Geneva, IL. FIDES was responsible for sourcing, underwriting, and financing the acquisition. FIDES also developed the asset plan, which includes converting the asset to a straight multifamily rental property. “This acquisition was very challenging” said Gregg Handrich of FIDES “as it entailed the negotiation of a short-sale agreement with the prior owner and lender, and the negotiation and purchase of the previously sold condominium units. FIDES was not the high bidder, but the owner and seller were comfortable that FIDES could understand and close this complicated acquisition. The upside in improving the management and physical condition of the asset will be worth the effort.” FIDES will oversee the value-add strategy which includes upgrading both the interior and exterior of the asset as well as re-branding and upgrading the property’s position in the market.
$16.5 Million Equity Closing, Indianapolis, IN
July 2013
FIDES Capital Partners, LLC (“FIDES”) announces that it has served as the financial advisor on the $16.5 million acquisition of Lakewood Lodge Apartments, a 454-unit multifamily community in north suburban Indianapolis, IN. FIDES worked on behalf of the acquirer, an affiliate of The RADCO Companies, to source and develop the initial strategic asset plan to turnaround the property, which was acquired from the Lehman bankruptcy estate. “This acquisition marks the third deal we have sourced for RADCO. All said, about $65 million of deals within 6 months.” said Gregg Handrich of FIDES.
$19.0 Million Equity Closing, St. Charles, IL
June 2013
FIDES Capital Partners, LLC (“FIDES”) announces that it has served as the financial advisor on the $19.0 million acquisition of Covington Court Apartments, a 208-unit multifamily community in the Chicago suburb of St. Charles, IL. FIDES worked on behalf of the acquirer, an affiliate of The RADCO Companies, to source, underwrite and develop the blueprint for the turnaround strategy of the property. “This acquisition coupled with the Brittany acquisition in Geneva, which we were also involved with, gives RADCO an excellent market presence that will allow them to efficiently and effectively operatie and rebrand the two properties.” said Gregg Handrich of FIDES.
$28.0 Million Equity Closing, Geneva IL
February 2013
FIDES Capital Partners, LLC (“FIDES”) announces that it has served as the financial advisor on the $28.0 million acquisition of Brittany Court Apartments, a multifamily community in the Chicago suburb of Geneva, IL. FIDES worked on behalf of the acquirer, an affiliate of The RADCO Companies, to underwrite and develop the turnaround strategy for the property. FIDES will also assist in the going-forward asset management of the 226-unit Class B property. “There aren’t many opportunities in the market that offer value day one. Brittany does not require significant capital, yet provides strong existing cash flow and additional upside that can be achieved through RADCO’s proven operating, re-branding and marketing strategies,” said Greg Longoria of FIDES.