CATEGORIES | Debt | Equity | Financial Advisory | Investments | Multifamily | Student Housing
FIDES Investment, LLC (“FIDES”) announces the sale of Fulton Terrace apartments, a 7-story value-add property totaling 26 units located south of Linden Hills in close proximity to Edina. FIDES joint ventured with CPM and a privately held investment firm. The properties were purchased in September 2014. The sale price equated to $155,000/unit. The average property level return equated to a 20% IRR and a 1.7x multiple. “The strategy was to improve the facade and main lobby to call attention to the front of property which is situated on a highly-visible, high-traffic street. Approximately 1/3 of the unit interiors were upgraded and the property was rebranded with a heavy emphasis on the underground parking amenity. Total revenues increased approximately 36% from takeover to disposition. The highly visible location, lack of competition and underground parking were key components to the success of this investment,” said Gregg Handrich of FIDES. FIDES oversaw the acquisition, renovation, asset management and sale process.