Real Estate Investment Case Studies | Singerman Real Estate

SRE’s flexible investment strategy across asset class and structure provides ability to shift as investment environment changes

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Charleston Trade Center

Charleston, South Carolina

Realized – December 2021

Investment Highlights

Acquisition of a 230-acre industrial land site from a motivated seller Located in Charleston, South Carolina where growing demand is driven by the Port of Charleston, Boeing, Volvo, and Daimler
Can accommodate a variety of users ranging from 100,000 to 1.3 million sq. ft. with overall potential development totaling 2.9 million sq. ft.
Completed, leased, and sold five buildings totaling over 2 million sq. ft.

SRE Opportunity Fund II, L.P.

Past performance is not indicative of future results. There can be no assurance that SRE will be able to adhere to its operational timeline or initiatives with respect to any investment, or that SRE’s operational playbook will yield positive results.

10770 Wateridge

San Diego, California

Realized – March 2020

Investment Highlights

Acquired off-market in the Sorrento Mesa submarket of San Diego, the third-largest life science cluster in the US behind only Boston and San Francisco.
Acquired at 0% occupancy and converted the office building into a state of the art life science facility through a $165 per sq. ft. renovation
Signed three leases within two years of acquisition to bring occupancy to 92% and stabilized the project
Sold to an institutional investor following building conversion completion

SRE Opportunity Fund III, L.P.

Past performance is not indicative of future results. There can be no assurance that SRE will be able to adhere to its operational timeline or initiatives with respect to any investment, or that SRE’s operational playbook will yield positive results.

River's Edge Hotel

Portland, Oregon

Realized – December 2015

Investment Highlights

Acquired a 99-room upscale, boutique hotel near Portland’s popular South Waterfront, sourced through direct negotiations with an international investment bank
Acquired asset for 1.1x revenue, compared to typical hotel acquisitions at 2.5x to 3.0x revenue
Completed recladding of entire façade in July 2015 to mitigate building water penetration issues discovered in due diligence; project completed under budget
Completed the business plan and sold in under three years

Singerman Real Estate Opportunity Fund I, L.P.

Past performance is not indicative of future results. There can be no assurance that SRE will be able to adhere to its operational timeline or initiatives with respect to any investment, or that SRE’s operational playbook will yield positive results.

Comunidad Multifamily Portfolio

Atlanta, Georgia

Realized – October 2019

Investment Highlights

Acquired two in-fill apartment communities located in a predominately Hispanic neighborhood near I-85 in northeast Atlanta
At acquisition, portfolio achieving only 78% of rents of its competitive set
Partnering with Hispanic-focused operator, redeveloped the properties as “Buena Vida” communities, a lifestyle brand focused on providing culturally relevant community amenities, after-school programs, and a bi-lingual property management staff, with the goal of driving high resident retention
Average portfolio rents grew 20% in two year hold, with rents at disposition exceeding underwritten stabilized year four rents by 5%

SRE Opportunity Fund II, L.P.

Past performance is not indicative of future results. There can be no assurance that SRE will be able to adhere to its operational timeline or initiatives with respect to any investment, or that SRE’s operational playbook will yield positive results.

Perimeter's Edge

Raleigh, North Carolina

Realized – September 2021

Investment Highlights

Acquired a portfolio of six class A single-story office/R&D buildings located near Raleigh-Durham International Airport and Research Triangle Park
Rightsized building’s largest tenant, extending the lease on the primary space for an additional three years, and signed a 10,000 sq. ft. lease to backfill the give-back space for five years
Increased occupancy to 97%, greater than historical average occupancy of approximately 90%
Sold five of the six buildings in January 2020, two years earlier than original underwriting
Sold sixth building in September 2021 to an institutional investor for $5 million more than 2019 bids

SRE Opportunity Fund II, L.P.

Past performance is not indicative of future results. There can be no assurance that SRE will be able to adhere to its operational timeline or initiatives with respect to any investment, or that SRE’s operational playbook will yield positive results.

Delta Hotels by Marriott Loan

Alberta, Canada

Realized – January 2020

Investment Highlights

Originated a $12.5 million CAD ($9.6 million USD) loan, on a non-brokered basis, for a Canadian hotel operator for the $26.5 million CAD renovation of the Delta Hotels by Marriott in Kananaskis, Alberta
Underlying property a 412-room resort hotel in a high barrier-to-entry location within an Alberta Provincial Park, approximately 60 miles west of Calgary.
Built for the 1988 Calgary Olympic Games and located adjacent to the ski mountain that hosted the Olympic alpine events, as well as two Province-owned, Robert Trent Jones-designed golf courses.
Highly structured investment to meet borrower, senior lender and SRE requirements
Repaid via borrower refinance following operating stabilization

SRE Opportunity Fund II, L.P.

Past performance is not indicative of future results. There can be no assurance that SRE will be able to adhere to its operational timeline or initiatives with respect to any investment, or that SRE’s operational playbook will yield positive results.

Spring Gardens Senior Living Portfolio

Lindon & St. George, Utah

Realized – January 2023

Investment Highlights

Acquisition of two private-pay senior living communities in St. George, UT and Lindon, UT (suburb of Salt Lake City) totaling 178 units, with each property comprising 72 assisted living and 17 memory care units
Battled through COVID lows to rebound with high census levels of 96% at both Lindon and St. George at year-end 2022
Sold in early 2023

SRE Opportunity Fund III, L.P.

Past performance is not indicative of future results. There can be no assurance that SRE will be able to adhere to its operational timeline or initiatives with respect to any investment, or that SRE’s operational playbook will yield positive results.

Outlets at Lincoln City

Lincoln City, Oregon

Realized – February 2024

Investment Highlights

Acquisition of an outlet center with strong cash flow characteristics, with an opportunity to roll over tenants with below-market lease terms
Located on the Oregon coast, a long-time leisure and second home destination due to its less than two-hour drive from Portland, Salem, and Eugene
Exited through a two-part transaction: completed 4,000 sq. ft. build-to-suit with a credit tenant and sold separately from the retail center

Singerman Real Estate Opportunity Fund I, L.P.

Past performance is not indicative of future results. There can be no assurance that SRE will be able to adhere to its operational timeline or initiatives with respect to any investment, or that SRE’s operational playbook will yield positive results.

IMH Financial Preferred Equity

Nationwide

Realized – April 2017

Investment Highlights

Sourced and structured a convertible preferred equity investment in IMH Financial (“IMH”), a public non-traded real estate investment and finance company that owned over $200 million of diversified assets primarily in the southwest U.S.
Structured to protect downside, with the aim of achieving its preferred return in downside scenarios
Negotiated a preferred stock sale agreement with a third-party which resulted in an accelerated April 2017 exit from the investment

Singerman Real Estate Opportunity Fund I, L.P.

Past performance is not indicative of future results. There can be no assurance that SRE will be able to adhere to its operational timeline or initiatives with respect to any investment, or that SRE’s operational playbook will yield positive results.