Location: Colorado Springs, CO
Asset Type: Class C multifamily – 116 units
Ownership period: 2013-2017
Return on Equity: 112.1%
Annualized return on Equity: 24.8%
Increase in value: 76.0%
Increase in NOI: 32.2%

Fairway View was the second asset acquired as part of the partners’ current portfolio, the first to be recapitalized through a refinance completed 17 months after acquisition (returning 41% of invested equity), and the fifth to be sold. In accordance with our business plan, the partners will recapitalize assets through advantageous refinance programs or sell when prudent. We had increased Fairway View’s NOI to a level at which we could exceed our original net investors’ returns targets. Including cash flow and refinance distributions up to the date of the sale, the result was a net return to our investors of 112.1% on equity invested in 4.5 years – the equivalent of 24.8% a year and an IRR of 21.8%.