Track Record

Explore Our Successes

Our track record of success is the result of three fundamental elements: sound operations, meticulous attention to detail and bold management.

Click below to view our in-depth case study, or scroll down to see details on all of our properties.

Our Assets

10lehigh-585selizabeth_low-res

585 S. Elizabeth Ave
Newark, NJ

Units: 51
Average Occupancy: 94%

595selizabeth_low-res

595 S. Elizabeth Ave
Newark, NJ

Units: 26
Average Occupancy: 94%

603selizabeth_low-res

603 S. Elizabeth Ave
Newark, NJ

Units: 55
Average Occupancy: 94%

129cancellor_low-res

129 Chancellor Ave
Newark, NJ

Units: 50
Average Occupancy: 93%

292wainwright_low-res

292 Wainwright St
Newark, NJ

Units: 27
Average Occupancy: TBD

343schley_low-res

343 Schley St
Newark, NJ

Units: 133
Average Occupancy: TBD

378stuyvesant_low-res

378 Stuyvesant Ave
Irvington, NJ

Units: 262
Average Occupancy: TBD

356stuyvesant

356 Stuyvesant Ave
Irvington, NJ

Units: 64
Average Occupancy: 95%

10sgrove_low_res

10 S Grove St
East Orange, NJ

Units: 25
Average Occupancy: 93%

172william_low_res

172 William St
East Orange, NJ

Units: 17
Average Occupancy: 92%

151nwalnut_low_res

151 North Walnut St
East Orange, NJ

Units: 32
Average Occupancy: 98%

72nwalnut_low_res

75 North Walnut St
East Orange, NJ

Units: 44
Average Occupancy: 93%

116lenox_low_res

116 Lenox Ave
East Orange, NJ

Units: 17
Average Occupancy: 98%

75-prospect-sm

75 Prospect St
East Orange, NJ

Units: 44
Average Occupancy: 93%

207sharrison_low_res

207 South Harrison St
East Orange, NJ

Units: 25
Average Occupancy: 95%

41main_low_res

41 Main St
Orange, NJ

Units: 43
Average Occupancy: 95%

38swalnut-low_res

38 S Walnut St
East Orange, NJ

Units: 25
Average Occupancy: 96%
SEE FULL CASE STUDY

110-washington-sm

110 Washington St
East Orange, NJ

Units: 103
Average Occupancy: 98%

212-central-sm

212 Central Ave
Orange, NJ

Units: 54
Average Occupancy: 96%

111-glenwood-sm

111 Glenwood St
East Orange, NJ

Units: 70
Average Occupancy: 99%

CASE STUDY

38 South Walnut, East Orange, NJ

0 %
Annualized NOI Growth
0 %
Annualized Asset Appreciation
$ 0 K
Equity Returned to Investors

Investors received a buyout for 100% of their capital invested plus profit via a recapitalization in less than two years.

case-study-map_38swalnut-03

Overview
The property is a 25 unit walkup apartment building located adjacent to I-280 and within an eight-minute walk of two train stations providing a 20-30 minute ride to New York Penn Station or a 5-10 minute ride to Broad Street Newark. The building has a great mix of large 1 and 2 bedroom apartments and, although it was fully occupied upon acquisition, significant deferred maintenance and improvements were planned post-closing.

Value-Add
Acquisition
We negotiated an attractive, far below replacement cost price of only ~$70/SF that provided significant cash on cash returns. Additionally, the asset was absentee owned and managed with many apartments offering substantially below market rents and operational upside. Lastly, our purchase price was below tax assessed value allowing us to win a tax appeal and unlock substantial cash flow and capitalized value.

Financial
We secured a $40,000 repair credit at closing to fund value-added deferred maintenance, capital improvements and renovations with leveraged dollars. We then optimized turnover and spent additional funds on gut and minor renovations depending on how much rental upside was available. Through proactive management we were able to increase the rent roll two times faster than was underwritten, increasing the building’s value by almost $400,000.

Operational
We intensively managed the property to optimize occupancy, collections and operating costs. Occupancy averaged 97% over the life of the investment and collections were approximately 99% of net potential rent in 2016. On the cost side, we made significant repairs/improvements to the sewer, boiler, roof, electrical and apartments to minimize insurance, M&R and utility costs.

Returns
Generated higher than forecasted annualized returns in a shorter than expected timeframe. 

  • Paid 100% of preferred returns on time.
  • Paid excess distributions in six of eight quarters. In the two quarters they weren’t paid, excess funds were invested in renovations and improvements to maximize exit value.
  • In addition to quarterly returns, investors received a buyout for 100% of their capital invested plus profit via a recapitalization in less than two years.
  • OWP/OWM have retained ownership and management of the property.