Last Call To Invest In This Private Real Estate Offering With 32.7% Target Annual Return

Kevin Vandenboss
·2 min read

The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

The latest offering on RealCrowd’s real estate investment platform is gaining significant attention from investors wanting to take advantage of the deal’s targeted 32.7% IRR.

Real estate investment firm Lurin is sponsoring the offering for the Elements On Third Apartments, a 431-unit multifamily property in St. Petersburg, Florida. The offering went live on Monday, Sept. 20, 2021, with a target equity raise of $22.5 million, and investors have already funded all but the remaining $1.5 million that’s still available.

About The Offering: The firm is under contract to acquire the property for $125.5 million, or $291,200 per unit, which is priced well below market value for similar multifamily properties in the Tampa-St. Petersburg metropolitan area.

The sponsor plans to invest an additional $6.05 million, or $14,045/unit, into the property for the renovation of interior units, the exterior and to modernize the property’s amenities and common areas.

Investment Highlights: The deal has a significant value-add component through the planned renovations and rent increases. Current rents are priced at roughly $400 per month below the rents at comparable properties within the submarket, providing an opportunity to add a substantial amount of revenue and cash flow to the property.

  • Minimum Investment: $50,000

  • Target Investor IRR: 32.72%

  • Target Stabilized Annual Cash Yield: 9.52% in year two.

  • Target Equity Multiple: 2.24x

  • Target Investment Period: 3 years

About The Sponsor: Lurin is a real estate investment firm with a focus on acquiring multifamily assets in markets with strong demand. The company already owns and operates 13 assets in Florida and has over $1 billion in assets under management.

Visit RealCrowd for more information on this offering or to view other current real estate investment opportunities.

Photo courtesy of RealCrowd.

The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.