Location: Colorado Springs, CO
Asset Type: Class C multifamily – 108 units
Ownership period: 2012-2018
Return on Equity: 400.9%
Annualized return on Equity: 61.7%
Increase in value: 344%
Increase in NOI: 59.3%

PREP acquired Fireside in February 2012 for $3.95MM. We finished a refinance in December 2014, returning 94.9% of investors’ cash invested. Since purchase we increased NOI by 59.3%. We sold Fireside for $13.6MM, 344% more than paid. The sale provided a net investor return of 400.9%, an annualized return of 61.7% and a net IRR of 34.3%. PREP offered a 1031 exchange property for investors.