Case study
Pinecrest Apartments
Stabilized Workforce Housing
Pinecrest Apartments is a 313-unit workforce housing community in Bloomington-Normal, Illinois that was acquired during a period of operational underperformance, including deferred maintenance, elevated vacancy, and out-of-service units.
Following acquisition, targeted operational improvements stabilized occupancy and restored unit availability, enabling a refinance that returned a substantial portion of investor capital while preserving ongoing ownership and cash flow.
This case study is one of a selection from the firm’s investments and is not representative of every investment. Figures are unaudited and are presented on a gross basis unless otherwise noted. Past performance is not indicative of future results. A complete schedule of investments is available on request.
Pinecrest Apartments
313 Units – Workforce Housing Bloomington-Normal, IL
$14,700,000
Total Capitalization
June 2018
Purchased
November 2019
Refinanced
Value-Add
Declining performance due to absentee ownership and deferred maintenance
Over 40 units out-of-service
79% physical occupancy at closing
Increased occupancy to 98% in less than 6 months after closing
Financial
$3,050,000 Initial Equity
10% Preferred Return
$4,578,820 Investor Distributions as of December 2025
Return Metrics
58.6%
Project IRR
26.1%
Current Cash on Cash
6.8x
Equity Multiple
