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
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
$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.
$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.