Private real estate investment management firm and fund manager Home Invest announced the acquisition of Morgan Terrace, a 100-unit multifamily complex located at 4725 Ridgeway Drive in the Oklahoma City suburb of Del City, Oklahoma for $3.7 million from a private California investor.
Home Invest’s purchase of Morgan Terrace was motivated by the property’s upside, the area’s population growth estimated at 6.1 percent in the next five years, the market’s job growth and strong IRR.
“We’re really blessed to locate this property being sold by a motivated seller in an area with such strong fundamentals,” said Home Invest Co-CEO Nate Armstrong. “The deal terms we secured lead us to an estimated future exit value of $7 million, and that gives us confidence in the returns we plan to give to our investor partners with this acquisition.”
With the purchase and equity raise now completed, Home Invest has become the asset manager of the complex, something needed with this property.
“This asset is a home run for our investor partners with significant upside given its 85 percent occupancy rate and our improvement plans to improve our renters’ on-site experiences,” said Chris Lavin, Home Invest’s Co-CEO. “We create returns through real value creation and not financial engineering. Securing this asset allows us to improve an important workforce housing asset that can now continue to serve the community for a long time to come. We are here to affect human lives positively first, and the profits and generational wealth that follows is the secondary result of our primary mission.”
Lavin added, “This deal showcases Home Invest’s ability to find amazing deals in the toughest of markets. Our investors will get up to 100% of their capital back when we refinance in 12 to 24 months. Then, we plan to return their original investment, and they still receive ongoing quarterly dividends while they maintain their original equity position until we exit this asset.”
Morgan Terrace is strategically located across the street from the regional headquarters of Arvest Bank and just minutes from Tinker Airforce Base, the second largest employer in the Greater Oklahoma City Metro Area. It is also near abundant shopping, parks, and schools.
Home Invest is a faith-forward investment management firm and financial steward that places capital profitably into strategic real estate properties and businesses. We invest our company’s capital alongside individual, limited investment partners via private equity funds and syndications, then share out the gains equitably for mutual benefit. We invest directly with sellers, removing intermediaries and inflated costs while protecting their upside. We also hold the burden of managing our property portfolio, allowing our investors to passively invest, while we do the rest. Founded in 2014: Debuted on INC 500 as award winner and one of America’s fastest growing private companies #352 (2018). Our $110MM of real estate transactions demonstrates our ability to deliver on our promises.
