PASSIVE INVESTMENT OPPORTUNITY

Griffin Gate in Hopkinsville, KY

This is a fantastic opportunity to get in on an excellent value-add deal with rents currently below market value in a great stable location.

QRP, Solo 401(k), SD-IRA

506(c) Accredited Investors Only

17% Targeted IRR

Register below to watch the webinar presentation providing many details about the Griffin Gate investor opportunity.

GRIFFIN GATE VIDEO

INVESTMENT OVERVIEW

Class A- with high stable targeted returns

  • 5+ year hold period
  • 8.5% average annual cash after 1st year
  • 8% preferred return for investors
  • Total returns: 2x investment

Agency Debt

  • 12-year fixed Fannie Mae financing
  • 80% LTV with 1-year interest only
  • 30-year amortization

Accredited Investors

  • 506c investment open to accredited investors only.
  • $100,000 minimum investment
    (limited $50,000 slots available)
  • 15 – 40% capital committed from general partners

PROPERTY GALLERY

INVESTOR PRESENTATION

Now available online!

Open to ACCREDITED investors only

OPPORTUNITY SUMMARY

Property Details

The Property
  • Location: Hopkinsville, KY
  • Years Built: 2010, 2011, 2013, 2017
  • Buildings: 5 Residential
  • Type: Two Story
  • Units: 80
  • Rentable Sqft: 88,092
  • Average SF Per Unit: 1,101
  • Acreage: 16.49

Property Amenities

Amenities (current)
  • Swimming pool
  • Covered parking
  • In-unit full size washer/dryer connections
Amenities (future)
  • Pet park
  • Gated Entrance
  • Outdoor grilling station
  • Outdoor picnic areas
  • Clubhouse/Business center
  • Storage units
  • Hiking trail

Pandemic Resilience

Landlord Friendly State
  • No statute limiting the amount of a security deposit
  • No amount of time given for a rent increase for month-to-month leases
  • Government provides assistance programs for landlords with delinquent tenants
Resilient Renter Base
  • Class A residents with higher education and income are less impacted. We are focusing on ‘grey & white-collar’ residents, who typically have fewer collection issues. To date, this has not been an issue at Griffin Gate.

Timeline - Phase 1

0-12 Months
  • Complete security and remote access technology upgrades
  • Create a pet park for tenants
  • Add an outdoor BBQ station in pool area
  • Build small clubhouse/business center
  • Implement new website with lead-capture system
  • Beginning accepting pets via one-time, plus monthly fee
  • Continue pushing rents on renewals to catch up to market rents

Timeline - Phase 2

12-36 Months
  • Continue stable operations
  • Begin testing higher rent for new military demographic
  • Investigate building more rentable storage for tenants
  • Investigate a front entrance gate with remote security access
  • Continue cash flowing

PROPERTY LOCATION

Hopkinsville, KY

Stable Economy = Recession-Resistant

  • Hopkinsville and the surrounding area are home to a diverse set of demand drivers including hospitals, retail centers, a military base, and employment parks.
  • Fort Campbell has the 3rd largest military population in the Army, with over 236,259 people, including over 4,000 civilian employees.
  • Oak Grove Racing, Gaming & Hotel just recently opened only ~15 minutes away from Griffin Gate. This $200 million horse racing and entertainment venue will include 128 luxury rooms and suites, a historical racing machine venue with over 1,200 games, “best-in-class” racing and equine facilities, multiple bars and restaurants. The new enterprise will create additional strong paying jobs for the area.

BUSINESS PLAN

Existing

  • On average, the current rent is $50-$75 below market for units with similar interiors, but smaller space
  • Griffin Gate has always been owner-managed from the beginning. While rents have not been increased on a continual basis, they have done an excellent job maintaining the property at an “original” condition. There is virtually no deferred maintenance needed.
  • The exterior/curb appeal has been well maintained and only needs minor tweaking to upgrade.
  • Griffin Gate is the only Class A community style complex in the Hopkinsville area. Strong demand for the only A-Class product in the area has historically been high and there remains a waiting list for open units.

Planned

  • Exterior renovations will be added, including pool area, grilling station, pet park, security camera and gather facility amenities.
  • Automation will be added to all aspects of operations for the benefit of both the tenants and management.
  • After technology upgrades are complete, the rents can grow an additional $100-$150 to meet new market rates for a “premier community” residency.

CAPITAL IMPROVEMENTS

Interior

Existing

  • All 80 units achieve A- Class premier level. No renovations are needed for the main, bedroom and kitchen areas.
  • Some units could use Laminate Vinyl Plank (LVP) flooring in the main entranceway of the units.

Upgrade

  • All 80 units will receive front door and thermostat remote controls
  • Units would receive updated LED lighting
  • All units would receive low flow faucet upgrades

Exterior

Existing

  • General curb appeal is excellent
  • Minor concrete repairs
  • General landscaping maintenance

Upgraded

  • Pet park
  • Gated Entrance
  • Outdoor grilling station
  • Outdoor picnic areas
  • Clubhouse/business center
  • Storage units
  • Hiking trail
  • Outdoor LED lighting upgrade

EXPERIENCED TEAM

Robert Fisher
Robert Fisher
Fisher Bay, Sponsor
Dan LeVan
Dan LeVan
Fisher Bay, Sponsor
Bo Ferger
Bo Ferger
Fisher Bay, Sponsor
Perry Underwood
Perry Underwood
Choice Title, Key Sponsor
Benjamin Inman
Benjamin Inman
Inman Equities, Key Principle

Experienced

With a combined 100+ years of executive and management experience and $250MM in closed multifamily transactions amongst the managers, we have the subject matter expertise, key relationships and proven track record to execute profitable deals.

Conservative

We are opportunistic investor focused on creating long term value. We stress test our deals and use leverage carefully to create sustainable cash flow and limit investment risk.

Diligent

Closing a deal, while challenging, is just the beginning. Executing on the business plan is the critical element to success. It takes perseverance and persistence to achieve what we have planned in our underwriting.

INVESTMENT TARGETS

0%

Average Annual Return

0X

5YR Return Multiple

0%

Internal Rate of Return

0.5%

Annual Cash on Cash

WEBINAR PRESENTATION

Now available online!

This 506(c) syndication is open to ACCREDITED investors only

INFO / CONTACT

Thank you for your interest in contacting Fisher Bay about an investment.
Feel free to give us a call, or please fill out the section below and we will respond as soon as possible.

Address:

1830 Washington Street
Chattanooga, TN 37408

Phone:

423-444-0699

Email:

invest@fisherbay.com





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