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.
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.
Champions Gate
Orlando, FL
This is one of two land development projects we have with our operating partner DDC Management. The Champions Gate land is well located along Interstate 4 in Champions Gate, metro Orlando Florida. We entitled the project to develop 420 multifamily units for sale to a national homebuilder, and our final entitlements were received in Q2 2020 with lots on the ground for sale by Q3 2020. Upon final entitlements, we partnered with both an institutional private equity firm as well as an institutional lender to develop the project.
Ford Plot
Orlando, FL
This is one of two land development projects we have with our operating partner DDC Management. The Ford Plot is well located along Interstate 4 in Deland, metro Orlando Florida. We are currently entitling the project to develop 440 residential lots for sale to national homebuilders, and our final entitlements are expected to be received in Q2 2020 with lots on the ground for sale by year-end 2020. Upon final entitlements, we will likely partner with both an institutional private equity firm as well as institutional lender for developing the project.
Del Monte
St. Louis, MO
Del Monte is a 60,000 sq.ft. historic mixed-use building located near Forest Park and the Central West End in St. Louis, MO. The building is located close to Washington University and major employment centers such as BJC Healthcare, Boeing, etc. Our operating partner is Oliver Properties; as of September 30, 2020, our preferred equity investment was returned and our ending gross IRR was 15% over a 12.86 month investment period. Our investment enabled a complete internal remodel of the apartment building; prior to remodel Del Monte apartments were 85% leased, and now the property is 100% leased and occupied.
Eastlake at Tillery
Austin, TX
Eastlake is a 172,000 office development in the rapidly growing Austin market. With our equity sponsor CREA, along with development partner Greenbelt Commercial, we have invested at the GP level in an exciting new development that broke ground in Q4 2019 and delivered in Q1 2021. Boasting a vibrant combination of Class A office, retail and mixed-use developments, the East submarket features a significant opportunity to expand the office market beyond downtown.
Park 100
Indianapolis, IN
Park 100 is a 425,000 sf Class A industrial building located along I-465 in the Northwest Indianapolis submarket. The property is in close proximity to downtown Indianapolis, Indianapolis International Airport, and surrounding areas. Park 100 was master-planned by Duke Realty with 35-40 million square feet of industrial space with a current occupancy of 98% and no proper vacant land for future developments. The property was purchased in partnership with Sansone Group and other institutional partners and lenders and is a value-add lease-up strategy.