Case Studies
Stacks on Main – ground up development value add
Stacks on Main was a ground up 268-unit, multi-family development in the East Nashville neighborhood of Nashville TN. This opportunity emanated from the purchase of the Fifth and Main condominium foreclosure acquisition which happened to have 3 acres of land for a phase 2. SCH purchased the land from its then current ownership structure and brought in Cross Harbor and SunTrust to provide equity and debt. Construction started February 2015 and was completed by August 2016. SCH leased the property to stabilization and subsequently sold the property in August 2017. Development cost was Approximately $42.4mm and the sale price was approximately $62.25mm The hold period was 30 months with an approximate deal level IRR of 41.3% and an equity multiple of 2.49
The Preserve at Port Royal – renovation and lease up value add
The Preserve at Port Royal is a 400 unit 2005 built conventional multi family property located in Port Royal SC. SCH purchased the property at the beginning of COVID. Initially 93% occupied, this opportunity was a classic value add strategy calling for unit renovations and exterior enhancements. Due to COVID, at closing, occupancy dropped to approximately 80% making this a lease-up as well as a renovation opportunity. SCH utilized Keystone and DLP for the debt and equity. The property was purchased for $60.2mm in August 2020 and was sold for $91.2mm in July 2022. The hold period was 16 months achieving an approximate deal level IRR of 89% and an equity multiple of 3.44
Villas at Princeton Lake – Converting Affordable to Market Rent
The Villas at Princeton Lake is a 210 Unit, 2005 built conventional multi-family property, located in Atlanta Georgia. SCH purchased this property in March 2018 for $24.18mm. SCH utilized Lubert Adler and FANNIE MAE for equity and debt. SCH embarked on converting Affordable rental units to market rent units. Additionally, SCH renovated approximately 60 units that achieved a $200 increase upon, the then market rents. SCH leased the property to 95% occupancy, and sold the property, December 2020 for $30mm. The hold period was 33 months, achieving an approximate deal level 27% IRR and an approximate 1.76 multiple.
The Bungalows on Pine Cliff – newly built lease up value add
The Bungalows on Pine Cliff is a 155 unit BTR community located in Flagstaff, AZ. This was a newly developed property that SCH bought from the developer at ~70% leased. With typical development, one experiences development risk as well as market/Leasing risk. By buying the property at Certificate of Occupancy, SCH mitigated development risk leaving only market risk. The property was purchased for $52.8mm in May 2021. SCH utilized Dome Equities and Prime Finance for debt and equity. SCH leased the property to +95% occupancy and sold in July 2022 for $77.25mm. The hold period was 14 months achieving an approximate deal level IRR at approximately 84% and at an approximate 2.7 multiple.
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St. Clair Holdings
Mailing Address
1799 Briarcliff Rd NE Frnt
POB 15014
Atlanta, GA 30333
Physical Address:
1278 Enidurgh Ct.
Atlanta, GA 30329