Last Call To Invest In Multifamily Real Estate Investment Offering With 15.2% Target IRR

Eric McConnell

Tue, Jul 19, 2022, 2:10 PM3 min read

Investors only have two days left to contribute to the Woodbrook Apartments offering on CrowdStreet, which has a target IRR of 15.2%.

The Woodbrook Apartments is a 100-unit class B+ multi-family offering in the Silver Lake section of Everett, Washington. Everett is one of Seattle’s most popular suburbs because it offers residents an ideal combination of high quality of life and easy access to employers in Downtown Seattle, which is just minutes away.

The high desirability of Silver Lake is backed up by its average home price of $800,000 and highly rated public schools. Those high home prices have created a strong demand for quality multi-family housing. In addition to also being the home of Boeing Co. (NYSE: BA), Everett is also convenient to numerous employers, including Amazon.com Inc. (NASDAQ: AMZN), Microsoft Corp. (NASDAQ: MSFT) and Alphabet Inc. (NASDAQ: GOOG). The project sponsor, Amoroso Companies, believes all these factors give the Woodbrook Apartments tremendous upside as an investment.

Investment Highlights

The Woodbrook’s sponsors are looking to raise $10,980,000 in equity to help complete the purchase and renovation of The Woodbrook Apartments. The property, which sits on just under four acres, will be purchased at a price of around $317,000 per unit. This is a significant savings on the estimated cost of building a comparable new complex in Everett, which would cost an estimated $500,000 per unit.

The Woodbrook Apartments were on just under five acres of land in 1990. They have an attractive mix of two and three bedroom units, which are 50 to 100 square feet larger than newer apartments in the same price range. The current rents at the Woodbrook are significantly below market, and the sponsors believe that they will be able to increase rents by an estimated $400 to $600 per unit by the end of the hold period.

Minimum investment: $25,000
Projected hold period: 3 years
Projected internal rate of return (IRR): 15.2%
Projected annual average cash yield: 2.1%
Projected equity multiple: 1.5x

Offers for the Woodbrook Apartments must be submitted by July 20, 2022, and funded no later than July 22, 2022. This offering is accepting contributions from self-directed individual retirement account (IRA) holders.

About the Project Sponsor

Amoroso Companies is a Los Angeles-based real estate investment company. This privately held and family-owned firm has been in business for 40 years. They focus on identifying undervalued Class-B and Class-B+ multi-family properties and adding value to them. The Woodbrook Apartments is their second offering on Crowdstreet in Washington and the first one currently surpassing its projected occupancy rate.

Find real estate investment offerings like the Woodbrook Apartments with Benzinga’s Offering Screener and filter investment opportunities based on your criteria.

Photo: Courtesy of CrowdStreet

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Investment Highlights

About the Project Sponsor

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