Private real estate investment management firm and fund manager Home Invest announced the acquisition of Pine Tree Path, a Class B, 72-unit multifamily complex located in a prime location near an automotive plant in Georgetown, Kentucky. After nearly a decade of registering interest in the asset, Home Invest purchased the complex from its long-term owner PAJ Properties, Inc. for $7.75 million.
The purchase of Pine Tree Path was motivated by a direct match to the firm’s investment profile as a strong performing asset with 100 percent occupancy, stable cash flow, ample parking onsite and potential for approximately 25 percent of new leasing upside. The property’s location has growing demand with Kentucky’s population growth rising yearly with proximity to an automotive plant nearby.
“Our investors show consistent interest in stable multifamily investments, and this asset offers attractive returns up to 18 percent over time,” said Home Invest CEO Nate Armstrong. “We’re really blessed by our strong relationship with the seller who self-financed this transaction for our five -year holding period with a four-percent fixed-rate loan that beats market rates. The quality of the asset and deal terms give us confidence in the returns we plan to return to our investor partners with this acquisition.”
“We add value by leveraging our asset management teams to reduce costs and optimize performance of the assets we acquire,” added Rodney Kelley, Home Invest’s Chief Operating Officer. “Our engineering and management team completed property inspections last week and had the opportunity to meet many of the tenants onsite. We’re looking forward to creating long-term relationships with the community as we assume all operational aspects of the property.”
Home Invest plans to increase the property’s long-term value through strategic renovations including light renovations to the units as the leases expire and the addition of seven new roofs, to complete two prior roof renovations across the complex.
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 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.
