Summit Flats (32 units)
Columbus, OH (Weinland Park)
Off‑market acquisition of three adjacent properties in Columbus's Weinland Park submarket totaling 32 units. The business plan is a classic value‑add with aggressive value creation: strategic $420k renovation budget driving NOI growth from $225k (Year 1 blended) to $294k stabilized run-rate by Month 9, reaching $350k+ by Year 5 with 3.2% annual rent growth. Conservative 9-month lease-up and rent stabilization period models gradual achievement of market rents ($1,250/unit average). The 2-year hold period captures this rapid value creation, with strategic exit at 6.25% cap rate yielding 26.4% levered IRR. 75% LTC bridge financing at 7% IO provides optimal leverage during the value-creation phase.
- Target IRR
- 20%+
- Equity Multiple
- 2.0x+
- Hold
- 2-3 yrs