- Sir Thomas Circle Apartments is a 96-unit multifamily property located in Sea Shore, NJ.
- The property consists of two-bedroom, two-bathroom units averaging 925 square feet. Amenities include on-site laundry, patios/balconies, covered parking, and a pool.
- The investment opportunity offers an 8% preferred return and 65% equity participation to investors, with 25% co-investment from the developer.
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Presented at the Casualty Actuarial Society's 2009 Casualty Loss Reserving Seminar in Chicago, on opportunities for actuaries as FAS 163 relates to financial guaranty insurance loss and premium estimation and methodology calculation
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The Cherry Blossom season in Hunza starts in the second week of March and extends until the end of April, depending on the altitude. During this enchanting period, tourists from around the globe travel to Hunza Valley to witness its transformation into a vibrant tapestry of white, pink, and green. The valley comes alive with cherry blossoms, creating a picturesque and mesmerizing landscape that captivates all who visit. For the best experience, join Hunza Adventure Tours, the top tour company in Pakistan, and immerse yourself in this breathtaking seasonal spectacle.
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3. Investment Overview
Real Estate at the Jersey Shore!
• Sir Thomas Circle Apartments is a 96 unit
multifamily community located in Sea
Shore, New Jersey which is in Cape May
County.
• The property consists entirely of two-
bedroom/two-bathroom units with
approximately 925 rentable square feet
• Property amenities include an on-site
laundry facility, patio/balcony, covered
parking and a pool
• The property received new roofs in 2007
and 75 of the air-conditioning units have
recently been replaced
• There are three unit types which include
basic, partial upgrade and a full upgrade
4. Investment Highlights
Real Estate at the Jersey Shore!
• Fully Stabilized
• Recently Upgraded
• Recession-Resistant County
• Surrounded by Large Employment Centers
• Close Proximity to New Jersey’s Best
Beaches
• Proven Developer Sponsor
5. Transaction Summary
Real Estate at the Jersey Shore!
Summary Terms
Price 4,100,000
Down Payment (25%) 1,025,000
Price / Unit 42,708
Price / SF 46
Number of Units 96
Rentable Square Feet 88,800
Number of Buildings 7
Year Built 1983
Lot Size 4.7 acres
Financial Data
CAP Rate - Current 8.01%
GRM - Current 6.40
Net Operating Income - Current 419,244
New Cash Flow After Debt Service - Current 132,894
Total Return - Current 227,894
CAP Rate - Pro Forma 10.14%
GRM - Pro Forma 4.47
Net Operating Income - Pro Forma 436,291
Net Cash Flow After Debt Service - Pro Forma 100,324
Total Return - Pro Forma 245,003
12. Offer
Real Estate at the Jersey Shore!
• Participating Series A Preferred
– Cash/PIK Preferred Return: 8.0%
– Equity Participation: 65%
• Developer Co-Investment: 25%
• Management Fee: 0.5%
13. Management
Real Estate at the Jersey Shore!
Michael Phillips, CEO
• Born in Florida, 3-time
entrepreneur, 10 years of real
estate experience
• Partner at Boos Development
Group. Also worked in
investment banking with JP
Morgan (Associate), and real
estate private equity with
Lubert Adler (VP)
• Mike graduated from
Georgetown and completed his
MBA at Wharton
Northeast Development Corp.