Artizen Townhomes
St. Louis, MO
Artizen is a 13-unit townhome development in the rapidly growing Central West End area of St. Louis. PPAF is the sponsor developer and one of the main equity investors in the project that is financed by American Bank of Missouri. Designed by Trivers Architects and located at the intersection of West Pine and Sarah Street, the luxury townhomes are an uncompromised standard of quality and finish level residence that will be unique to St. Louis’ for sale residential market. The listing agent is Sotheby's International, and this will be their second successful project with PPAF’s principals. The project broke ground in Q4 2019 and is scheduled for delivery in Q4 2020.
Providence Hill
Kansas City, MO
Providence Hill is a 25,000 square foot newly constructed industrial building located in St. Joseph’s MO in the metro Kansas City market. PPAF purchased the property from the original general contractor and Goodman/Daiken is on a 10-year lease for the entire building. Goodman is a subsidiary and leading brand for the worlds largest HVAC manufacturer. The building serves as a regional distribution and sales center.
Eden Crest
Apopka, FL
Eden Crest, PPAF's newest investment with partners DDC Management and Hartizen Homes, is located in central Florida. This large community development spans 95 acres with nearby access to plenty of shopping and recreation choices. Initial sales of single family and townhome lots are expected in March of 2025.
Spring Garden Townhomes
DeLand, FL
PPAF invested in the planned unit development, Spring Garden Townhomes, in November 2023. PPAF will be working alongside DDC Management and Hartizen Homes to deliver this 90-lot subdivision in DeLand, Florida. Demand for new housing in this area makes this an extremely desirable location. Lots are expected to be completed in November 2024.
Harmony Townhomes
St. Cloud, FL
PPAF has invested in Harmony Townhomes, located in St. Cloud, Florida. This development will be part of the existing Harmony Master-Planned Community centered around two lakes, biking and walking trails, and access to a wide variety of amenities. Our operating partners are DDC Management and Hartizen Homes. Final townhome sales are expected in August 2024 with an expected equity multiple of 1.45x.
Gravois Storage
St. Louis, MO
PPAF invested in a joint venture self-storage development located in St. Louis, MO with our partners at TRG. The 120,984sf facility will feature 755 climate controlled storage units on 5.2 acres of land. Our expected duration is 24-months, with stabilization expected by the end of 2024.
Melbourne Storage
Melbourne, FL
PPAF made a joint venture investment in a land development project with TRG. Melbourne Storage consists of 662 rentable self-storage units and totals 89,250sf. Expected project duration is 2 years with an estimated stabilization in 2025.
Magnolia Reserve
Ocoee, FL
PPAF invested in a joint venture with our partners at DDC Management and Hartizen Homes. Magnolia Reserve is a 48-lot single family residential land development project located 20 minutes from downtown Orlando, FL. The expected duration for this project 2.5 years, with initial lot sales beginning May 2024.
Claude Shiloh
Bentonville, AR
PPAF is investing $5,650,000 as JV Partner in a mixed-use development project located in Bentonville, AR. Claude Shiloh is located on 6.3 acres and will include two residential buildings totaling 208 apartments, as well as two additional retail buildings 100% pre-leased to Aspen Dental and Sleep Number. The total project costs are $40,000,000, and Midland States Bank is the lender for this development.
PPAF Cap5 Pursuit Fund
Southwest, United States
PPAF is investing $2,540,000 as lead JV Partner in a targeted pursuit capital fund that will entitle land for sale to development projects with our partners. We expect to receive outsized returns with a minimum 50% uplift regardless of duration that is backstopped by the parent company of our JV. This venture will be spread across multiple entitlement projects including residential, industrial and self-storage land uses. The total venture JV equity is $3,000,000 and PPAF is an 80% lead member. The beginning duration is 3.0 years.
Brooks Landing
Space City, FL
PPAF is investing $2,150,000 in a residential land development project in the Space City area of Florida, a rapidly growing location for multiple Fortune 500 companies. This development will include 138 single-family homes on 71 acres of land. The total project cost is $8,000,000 and the duration is 3.5 years. Our potential equity multiple is 1.7x.
Seidel Road
Orlando, FL
PPAF invested $1.1 million as part of a larger investment of $6.5 million in equity into a residential land development project in southwest Orlando. Our JV Partner is DDC Management, a land development company that invests and develops land for sale to national homebuilders in Ohio, Florida, and the Carolinas. Our JV entity is acquiring a 49% ownership in the project, with an expected duration of 2 years and potential multiple of 1.5x.
Core 45 Industrial Park
Dallas, TX
PPAF has formed the lead for a GP co-investment to develop a 1,600,000 sf industrial complex in South Dallas. Our operating partner is the parent company of the design-build general contractor Threecore, LLC. Our institutional financing partners include Grandview Partners based in Greenwich, CT and an institutional lending partner. The expected duration is 18 months with an expected equity multiple of 2.0x.
BDL Supply
Belvidere, Illinois
PPAF II has made a JV equity investment in a 153,125 sf industrial portfolio of two, 100% leased, single-tenant manufacturing facilities located in Belvidere, Illinois. BDL Supply is a 52-year-old, full-service pallet and packaging company with 2020 revenues exceeding $225.1m and 4 key facilities around the country, including this property. Our operating partner is Hom Properties, who specializes in mid-market industrial property operations in the Midwest. Our JV entity acquired a 15.5% ownership stake in the investing entity which represents a 13.1% estimated cash on cash return for year one with a projected ten-year average of 12.1%.
Princeton
Princeton, Indiana
PPAF & PPAF II have made a JV equity investment in a 1,000,000 sf industrial portfolio anchored by Toyota Motor Manufacturing, Indiana, Inc. ("TMMI"), located in Princeton, Indiana. The industrial portfolio is a supporting complex for one of Toyota North America's eight US locations which has over 7,000 employees and has been in production since 1996. Our operating partner is Cardinal Industrial and Hom Properties, who specializes in mid-market industrial property operations in the Midwest. Our JV entity acquired a 40% ownership stake in the investing entity which represents a 14% average cash on cash return and a significant discount to market comparables and replacement cost.
The Oscar
Sheboygan, WI
PPAF has made a preferred equity investment in a metro Milwaukee multifamily real estate project in the town of Sheboygan. The Oscar consists of 240 residential units, as well as a newly constructed Kwik Trip. Our operating partner is Green Street St. Louis, who specializes in sustainable development, with over 30 years of commercial real estate experience. This is our second investment in a Green Street project, and we have established a programmatic JV with this partner for similar investments that meet our investment criteria. The $42.0 million development is located in an infill neighborhood in Sheboygan, a short distance from some of the largest area employers (Kholer Co., Sargento Foods Inc., Acuity Inc., and Johnsonville LLC.)
Thermo-Tech
Minneapolis, MN
PPAF acquired an interest in a 191,173 SF single-tenant building located in the greater metropolitan market of Minneapolis. The property is 100% leased to Thermo-Tech, a subsidiary of Harvey Industries, a $500mm industrial conglomerate, with a 7.5 year net lease agreement. Current annual cash-on-cash returns are 15%, with additional benefits of accelerated depreciation, property appreciation, and low interest financing contribute to a strong cash flowing property. Minneapolis is a premier distribution market and highly sought after by both corporate occupiers and investors.
Park Manor
Orlando, FL
Park Manor is a 32-lot single family community in partnership with DDC Management and Hartizen Homes. Park Manor is well located in Eastern Orlando, within the city limits and represents a rare track of land where we can build an infill for-sale community. The land is fully entitled and development has commenced as of Q2 2020. We began delivering homes in Q4 2021 with a fully built and habitable community by Q4 2022. This investment represents the first project with our homebuilding strategy on the East Coast, and we are expecting to roll out a larger platform with an institutional equity partner in 2022.
Wireworks
St. Louis, MO
PPAF acquired an interest in a 107,329 SF mixed-use historical building which consists of 80 residential units and 11,000 SF of commercial space in the supply constrained and high barrier-to-entry Lafayette Square submarket of St. Louis. Our operating partner is The Broadmoor Group, who has developed, acquired, and operated over 17,000 units across the Midwest and Southeast since inception. Our JV entity is acquiring Wireworks at a significant discount to market comparables, and upon closing will immediately begin the renovation process. Wireworks is located just minutes away from downtown Saint Louis’s central business district and major universities.
Chroma
St Louis, MO
Chroma Saint Louis is a 235-unit, luxury multifamily property located in the historic Grove area of Saint Louis, MO. PPAF has invested in Phase II which consists of 111-units and construction is currently underway to develop this property into one of the largest luxury properties in the city. The building is located close to major employment and cultural centers such as BJC Healthcare, Forest Park and Washington University. We partnered with Greenstreet St. Louis, one of the regions leading development groups via preferred equity into the project for Phase II.