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Multifamily Development                       




Oxford New Town

Multifamily Development Program
Objective
To create a programmatic relationship with a multifamily developer who could construct new product at a cost that would enable the units to be rented at more affordable rates than those of new Class A product. 
  • The programmatic relationship would allow for investment diversification over markets and a steady stream of opportunities.
  • Equity would then be invested along with the developer’s co-investment and projects would be financed on a 70/30 basis.
Execution

Five projects were completed in four different MSA’s providing the desired market diversification and transaction volume.  
  • The locations of land acquisitions for the projects were either development constrained or in the local path of growth.
  • All the projects were completed on time and within budget with a few minor exceptions. 
Outcome
  • The first two projects leased up on/or ahead of schedule at/or above projected effective rents.  
  • The remaining three projects have been impacted by the recent changes in the economy but are well-conceived and have outperformed their local competition.