Case study
Spring Creek Townhomes
Stabilized Workforce Housing
Spring Creek Townhomes is a 136-unit workforce housing community in Springfield, Illinois that was acquired following an extended period of operational decline, including elevated vacancy, deferred maintenance, and a significant number of out-of-service units.
Following acquisition, the property underwent a full-scale rehabilitation and operational repositioning strategy that restored occupancy to stabilized levels and ultimately led to a sale significantly ahead of the original projected investment timeline.
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.
Spring Creek Townhomes
136 Units – Workforce Housing Springfield, IL
$5,930,000
Total Capitalization
October 2017
Purchased
March 2020
Sold
Value-Add
Acquired following years of deferred maintenance, 40% vacancy, and 42 down units
Executed a full property rehabilitation and marketing repositioning strategy
Increased occupancy to stabilized levels exceeding 95%
Completed more than $2M in renovations before executing a sale significantly ahead of the original projected timeline
Financial
50.3% Gross IRR at project level
2.7x Gross Equity Multiple at project level
42.0% Net IRR to investors
2.3x Net Equity Multiple to investors
Return Metrics
$1,300,000
Investor Contributions
$3,476,000
Investor Distributions
28 Months
Hold Period
