Ground Up Development of Multifamily Rental Apartments
or Single Family Residential Rental Communities
Geography: New York, New Jersey, Connecticut, Pennsylvania, Massachusetts, Florida, Texas.
Strategy: Negotiate efficiently priced land to build best-in-class, highly amenitized, tech enabled properties.
Zoning: (i) as-of-right for multifamily, (ii) approved plans, (iii) we will change zoning for projects with the right strategic conditions.
Size: Land yield must be 50 units or greater. No maximum limit on size. Sweet spot is 100 units – 500 units.
Price: Market dependent. No maximum limit on deal size.
Hold Period: Agnostic. We like to hold long term, also willing to exit quickly if the project strategy demands that. We listen to the market.
Stabilized Yield on Cost: Target 1.5% – 2% greater than in-place cap rates of comparable product.
Equity Multiple: In a 5 Year Hold scenario we target a 2x Equity Multiple.
IRR: In a 5 Year Hold scenario we target a 20% IRR.
Value Add Repositioning of
Multifamily Rental Apartments
Geography: New York, New Jersey, Connecticut, Pennsylvania, Massachusetts.
Strategy: Seeking properties with rental rates that are considered second tier in markets that have expansion opportunity. Looking for
buildings that have lacked proper asset management.
Renovation: (i) deep value add; down to the studs, (ii) standard value add; kitchens, bathrooms, flooring, lighting, technology, common areas, (iii) light value add; recently completed and acquired below replacement cost, update tech, improve management services, facelift where necessary, add revenue streams (storage, fitness, work-from-home offices).
Size: 30 units or greater. No maximum limit on size. Sweet spot is 50 units – 500 units.
Price: Market dependent. No maximum limit on deal size.
Hold Period: Agnostic. We like to hold long term, also willing to exit quickly if the project strategy demands that. We listen to the market.
Stabilized Yield on Cost: : Target 1.5% greater than in-place cap rates of comparable product.
Equity Multiple: : In a 3 Year Hold scenario we target a 1.75x Equity Multiple.
IRR: In a 3 Year Hold scenario we target an 18% IRR.
Properties in Negotiation Across NY, NJ, CT, TX, FL, IL.
Epimoni is currently negotiating land purchases in many exciting neighborhoods for investment.We plan to bring our capital partners great opportunities in the coming years.
