Elevest Capital, a Scottsdale-based private equity firm focused on passive multifamily real estate investing, has announced the launch of Fund 70, a 229-unit, 35-story high-rise apartment community in an A+ location in downtown Dallas.
Built in 2007, the property has maintained more than 90 percent physical occupancy for the past 10 years and is currently 93 percent occupied, with no rental concessions offered during the past 12 months.
The property is being acquired for $42 million, with approximately $19.1 million in total equity. Targeted terms include an 8 percent preferred return, 85/15 LP/GP split, 15.6 percent projected IRR, 2.01x projected equity multiple and 4 percent targeted average cash flow.
The anticipated hold period is two to five years, with a projected 5.25 percent exit cap rate and a $200,000 minimum investment. Monthly cash flow distributions are anticipated to begin 60 to 90 days after closing.
