Multifamily Real Estate Investment Offering Now Live With 17% Target Annual Returns

CrowdStreet, the renowned real estate crowdfunding platform, has published a new offering, Millennium Apartments, a 2010-vintage multifamily complex located across Amazon.com Inc AMZN HQ2 in Arlington, VA, with an appealing target internal rate of return (IRR).

The deal sponsor aims to raise just over $15.9 million of the total $79.1 million equity investment being made to acquire and renovate the apartment complex, which has 300 units. The property has an occupancy rate of 99.0% and a 12-month asking rent growth rate of 16.0%, allowing the sponsor to offer investors a 17.0% target IRR. 

Investment Highlights: Millennium Apartments offers large units that have 930 square feet on average and deluxe amenities such as rooftop pool with a sundeck, outdoor entertainment patio with grills, fitness center with treadmills and interactive bikes, library, club with demonstration kitchen, resident lounge and club room with TVs, business center, guest suites and potential additional retail space.

The sponsor aims to invest more than $17,000 per unit and an additional $2.25 million on common area renovations to make the complex the area's finest asset and the best one positioned to capitalize on Amazon HQ2's development potential. The complex has three retail renters currently: USPS, Pentagon City Wine Merchant and Epic Smokehouse.

The property is a few feet from Amazon HQ2 and is right across Metropolitan Park. The proximity to these interest areas makes Millennium Apartments a great source of revenue for investors due to the area's potential appreciation and future work opportunities.

• Minimum investment: $25,000
• Target IRR: 17.0%
• Target annual cash yield: 3.6%
• Target equity multiple: 2.0x
• Target investment term: 5 years

View Offering Details on CrowdStreet

Deal Sponsor: Urban Investment Partners (UIP) is a real estate investment firm based in Washington, DC, specializing in multi-family and mixed-use residential properties.

UIP has evolved into a vertically-integrated, local apartment building owner and developer, property manager and general contractor since its inception 19 years ago. With roughly $900 million in assets under management, UIP has invested more than $1.5 billion in the Washington, DC region.

UIP has also refurbished and built over 50 apartment buildings in Washington, DC using its own structure through an in-house general contracting firm and operating all its apartment buildings through an in-house property management company since its founding.

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Photo: Courtesy of CrowdStreet