SAN FRANCISCO, CA (AUGUST 2022) — Polaris Real Estate Partners, principal investors and managers of multifamily properties in the mid-western and central United States, has sold the 156-unit The Mint Townhomes in St. Louis, MO. This sale is the fourteenth full-cycle capital event – properties acquired, improved and then sold – of 32 assets that Polaris has purchased since 2012. The average net return to investors for the fourteen projects sold is 144%, or 31.5% annualized.
“At the time of purchase, The Mint was named Windsor Townhomes. It had extensive deferred maintenance issues and a lackluster operational history. We rebranded and upgraded the property’s physical plant by renovating the office, replacing wood trims and balconies and renovating many units while streamlining expenses and increasing income. These efforts added value to the property, ultimately providing our investors with a net return of 112.1%, or 27.9% annualized – 30.4% greater than our projected return,” stated Travis Pacoe, managing general partner of Polaris Real Estate Partners.
“The Mint is our third transaction in 2022 and we are planning to complete a 1031 exchange with the proceeds, allowing our The Mint investors to defer capital gains taxes while additionally providing a new investment for non-trading investors who wish to join us. We are exchanging into a 2007-vintage asset in an exceptional location in Dallas, an improvement in both location and property quality,” general partner Ron Abta noted. “We are pleased to be able to sell The Mint and provide exceptional returns to our investors well in excess of our target.”
Polaris Real Estate Partners specializes in multifamily investment in the mid-western and central United States. The Polaris senior management team has an average commercial real estate experience tenure of 26 years. Its two general partners have acquired 6,754 units to build PREP’s current portfolio. Polaris is also deeply committed to enriching the lives of its residents through its social impact programs and community improvement efforts. Polaris Real Estate Partners is seeking individual properties or portfolios of 200 to 1,000 units in size in its targeted areas.