FIDES Investment, LLC divested a total of 594 units in 16 different properties during 2017. The properties were primarily value-add acquisitions in suburban Chicago and downtown Minneapolis, and were purchased during 2014 and 2015. This resulted in an average cap rate of 4.80%, and an average property IRR of 20%.
FIDES Investment, LLC (“FIDES”) announces the sale of The Isles apartments, two vintage rehab properties totaling 85 units located in the heart of Uptown Minneapolis. FIDES joint ventured with CPM and a privately held investment firm. The properties were purchased in September 2014. The sale price equated to $161,000/unit. The average property level return equated to a 19% IRR and a 1.7x multiple.
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FIDES Investment, LLC ("FIDES") announces the successful conclusion of a property management assignment on a 6,500 square foot office building located in Arlington Heights, IL. In December 2015 FIDES was appointed as the Receiver for the office building on behalf of Wintrust Financial. After Wintrust completed a foreclosure of the property, FIDES was hired as the property manager and successfully renewed a major tenant for a 5-year term at above market rents, assisted in the buyout of an existing tenant, and facilitated the relocation of another tenant to a vacant space in the building. The renewal, tenant buyout and tenant relocation were integral to the eventual sale of the building to a third-party which plans to use some of the vacant space for its own business.
FIDES Investment, LLC (“FIDES”) announces the sale of the “Eat Street” Brownstone apartments, a collection of three buildings totaling 20 units located in the Whittier neighborhood of Minneapolis. The properties were purchased in October 2015. The sale price equated to a property-level IRR of 18%.
FIDES Investment, LLC (“FIDES”) announces the sale of Loring Grove apartments, a value-add vintage property totaling 64 units located in the highly desirable Loring Park neighborhood of downtown Minneapolis. The properties were purchased in September 2014. The property level return equated to an 18% IRR and a 1.6x multiple.
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. The properties were purchased in September 2014. The average property level return equated to a 20% IRR and a 1.7x multiple.
FIDES Investment, LLC (“FIDES”) announces the sale of Belvedere and Martinique, two vintage rehab properties totaling 51 units located in the heart of Uptown Minneapolis. The properties were purchased in September 2014. The average property level return equated to a 21% IRR and a 1.7x multiple.
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FIDES Investment, LLC (“FIDES”) announces the sale of El Capitan and Granada, two vintage rehab properties totaling 52 units located in the heart of Uptown Minneapolis. The average property level return equated to a 17% IRR and a 1.6x multiple. Approximately 40% of the apartment units were renovated along with common areas which translated into a total revenue increase of approximately 37% from takeover to disposition.
FIDES Investment, LLC (“FIDES”) announces the sales of Park Crossing, a 32-unit apartment building located in Downers Grove, IL, and Maple Park, a 34-unit apartment building located in Naperville, IL. The recent sale price was just under $140,000/unit. The property level return equated to a 20% IRR and a 1.7x multiple.
FIDES Investment, LLC (“FIDES”) announces the sale of Laguna, a 45-unit luxury apartment building located in the heart of Uptown Minneapolis. The development parcel was bought “off market” in early 2015. Building construction was completed in May 2016, and the building was successfully leased up in just over 4 months.
FIDES Investment, LLC (“FIDES”) announces the sale of Geneva Park, a 56-unit apartment building located in Geneva, IL. FIDES joint ventured with a privately held investment firm that bought the failed condominium conversion in October 2013 in a short sale transaction simultaneously with the individual purchase of the previously sold condominiums.
FIDES Capital Partners, LLC (“FIDES”) was retained to arrange acquisition financing for one of the largest senior living communities located in Florida. The asset is involved in a complicated bankruptcy proceeding and will be sold in a Section 363/365 sale process.
FIDES Capital Partners, LLC ("FIDES") announces that it has arranged the mezzanine financing for the development of a $32 million Hyatt Place hotel at the University of Iowa in Iowa City, IA. The hotel is part of a much larger mixed-use project which includes Class A student housing, office and retail.
FIDES Capital Partners, LLC (“FIDES”) announces that it has served as capital advisor to a client in the manufactured housing sector. Greg Longoria the founder of FIDES said, “We are our very pleased that our client has partnered with such a dynamic and institutional investor.
FIDES Capital Partners, LLC ("FIDES") announces that it has completed over $1.1 billion in student housing transactions, and is one of the most active advisors to the student housing industry. “It’s been very exciting to be involved with this industry as it’s institutionalized over the last 5 years,” said Greg Longoria of FIDES. (Click here for overview)
