Northridge & developer closed $40 mil construction financing in April 2015, Northridge investors contributing  $12.8 mil equity for the development of an urban infill multifamily property in downtown Durham, involving adaptive re-use of historic tobacco warehouse

247 rental units available in studio, 1- and 2-bedroom floor plans with average size of 885 SF

Downtown Durham benefits from proximity to two of the most prestigious US universities, Duke University and the University of North Carolina

Business plan called for a 36 month hold period, 1.7x equity multiple and 21% leveraged IRR to investor

Given the strength of Durham and new Class A multifamily rents, sold on a “Pre-Sale” basis at a high watermark price in May 2017, resulting in 29.51% leveraged IRR and 1.72x equity multiple over a 25 month hold period