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We have concluded our investment in Spring Canyon with a closing last week. The investor returns certainly ranks among the top 10 Advenir sales. The final sale price was a sub 4.7 cap valuation.

The property was held 5.5 years and the original equity had been previously returned. The final distribution is in the amount of $163,000 (per every $100,000 invested). The annualized simple returns to investors is 35.7% and a 2.96x equity multiple.

Thank you for investing with Advenir!
https://www.us.jll.com/en/newsroom/jll-arranges-financing-for-west-texas-apartment-complex

Advenir at Legado Ranch is ideally located in the affluent, rapidly expanding, Faudree submarket of Odessa, Texas. Advenir at Legado Ranch will benefit from strong job growth, in-migration, strong and stable long-term economic drivers, minimal new apartment and single family construction, and significant barriers to entry. Advenir at Legado Ranch sits among a small group of properties-built post 2013. The Property’s effective rent is discounted in comparison with older and inferior competition, partially because it is in lease-up, and also because it is currently under-managed. Resort style amenities combined with a diverse unit mix, containing unique studio floor plans, creates a strong value proposition for renters.


https://therealdeal.com/miami/2018/08/16/advenir-drops-60m-on-apartment-complex-near-fiu/

The Rilea Group sold an apartment complex near Florida International University to Advenir for $59.75 million.

Vista Verde at Westchester, a 302-unit complex at 10491 Southwest 14th Terrace, just east of the university, sold for about $198,000 per apartment. Cushman & Wakefield’s Robert Given, Troy Ballard, Zachary Sackley and James Quinn represented Rilea, according to a release.

Advenir financed the deal with a $44.32 million loan from Freddie Mac. Berkadia’s Charles Foschini, Christopher Apone and Lourdes Carranza-Alvarez arranged the 11-year, fixed-rate loan with six years of interest.

The property was built in 1993 and is being marketed as a value-add complex. About 20 percent of the units have been updated, Cushman said. Rilea, which focuses on value-add commercial properties in South Florida, paid $2.2 million for the site in 1988, according to property records.

Rents range from about $1,200 a month for a studio apartment to $1,850 for a two-bedroom, two-bathroom, according to the complex’s website. Amenities include a pool, children’s pool, gym, playground and picnic areas.

It’s adjacent to a Publix-anchored shopping center that’s across the street from FIU.

Advenir, an Aventura-based investment company, recently secured an $80 million loan to renovate an apartment complex it purchased in Palm Beach Gardens for $97.25 million.

Rilea, led by Alan Ojeda, completed the Bond on Brickell about two years ago. The 44-story, 328-unit Brickell condo tower sold out for $183 million.

We are delighted to announce the closing of the Advenir@Park Boulevard investment, and are extremely pleased with the results. The property was held slightly less than 4 years, and the final distribution (for a $100,000 investment) includes a Preferred distribution in the amount of $3,387.24 and a gain distribution of $35,985, along with the original equity, for a total of $139,372.34. The realized annualized simple returns to investors is 19.2% and a 1.75x equity multiple. Distributions will go out by August 15th, and will be sent ACH.

Thanks for your support and investing with Advenir, and wish you a good rest of the summer!!!!

We are delighted to announce the closing of the Advenir@Mansfield investment and are extremely pleased with the results. The property was held 5 years, and the final distribution (for a $100,000 investment) includes a Preferred distribution in the amount of $18,365 and a gain distribution of $30,015, along with the original equity, for a total of $148,380. The realized annualized simple return to investors is 16.5% and a 1.81x equity multiple. 

Thanks for your support and investing with Advenir, and wish you a good rest of the summer!

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