Commercial real estate crowdfunding platform ArborCrowd announced on Tuesday it is now offering a $40.8 million multifamily real estate deal to investors. The property, Quarry Station Apartments, is located in San Antonio, Texas.
According to ArborCrowd, Quarry Station was built in 1993 and has 18 buildings with a total of 306 units. The prior owners of Quarry Station mismanaged the property, resulting in long-term maintenance issues, declining reputation of the apartment complex and units leased at below value. Unable to resolve these issues, the previous owners decided to list the property. Ivan Kaufman, Co-founder and CEO of ArborCrowd, stated:
“There are very few opportunities for investors to get access to institutional-quality deals. Every deal we offer – including Quarry Station – is measured against the standards and benchmarks of what a real estate institution would expect. That’s the difference in what we offer compared to other crowdfunding platforms.”
Adam Kaufman, Co-founder and Managing Director of ArborCrowd, went on to add:
“Quarry Station has significant potential that our Sponsors know how to unlock – that is the key to a successful deal. ArborCrowd’s sweetspot is finding multifamily assets that need physical and operational improvements, and turning them around at a profit. For the past 30 years, we’ve proven our ability to be successful at this time and time again.”
The apartment complex has a targeted 16 percent to 19 percent Internal Rate of Return (IRR) and a projected hold period of two to four years. The business strategy for Quarry Station is to increase effective rents and the overall value of the Property in order to quickly turnaround and sell to a potential buyer.
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