ACQUISITIONS
ACQUISITIONS OVERVIEW
Catalyst’s tactical opportunity-driven approach to investing enables us to quickly identify market opportunities, proactively anticipate shifts in market conditions, and to capitalize on sound investments across real estate cycles with maximum confidence. With over 35 years of combined residential, multi-family, and commercial real estate experience, our team has current ownership interests in 2,900+ residential units and over 400,000 SF or office/retail with an aggregate value of over $1B.
ACQUISITION & INVESTMENT CRITERIA
- Apartment communities with 75-250 units, 1970+
- Opportunity to add value through asset upgrades
- Mixed-use, adaptive re-use and covered land
- Flexible business plans: micro units, hotel conversions, land dev, for-rent TH
- Primary and Secondary markets in the Southeast
- Located in the path of growth
- Proximity to employment and lifestyle amenities
- Quality locations with high visibility and barriers to entry
- 8%+ equity yields, depending on leverage and opportunity
- 1.75x+ equity multiple
- Purchase price below replacement cost
- Sustainable rents with value-add upside
RECENT SUCCESSES
DEVELOPMENT: The Wayford at Concord
Units: 150
Total SF: 255,916
Land Acquisition Date: 2019
Completion Date: 2020
The Wayford Concord is a high-quality rental townhome and ranch community located in the Charlotte, NC MSA community of Concord. Completed by Catalyst in 2020, the Wayford at Concord provides renters space and privacy rarely found in traditional rental communities. On the cutting edge of multi-family development, Catalyst Capital Partners has experienced excellent demand both tenants and investment capital in this space and has numerous new ‘for rent’ townhome communities in various stages of development across the Southeast.
VALUE ADD: Wendover Walk
Units: 91
Total SF: 74,972
Acquisition Date: 2014
Year Built: 1984
Wendover Walk is a 91-unit apartment community located just 2-miles from Uptown Charlotte, NC. Upon acquisition the property was cured of all deferred maintenance and an amenity and interior unit renovation program was initiated. This community-wide renovation and repositioning attracted a higher income demographic and overall improved tenant profile, which has subsequently led to substantial improvements to top line revenue and overall asset value.
ADAPTIVE REUSE: The Exchange at Rock Hill
Total SF: 28,650
Acquisition Date: 2020
Completion Date: 2021
Acreage: 1.19
Lease Rates: $22.00 PSF NNN
Year Built: 1920’s
The Exchange at Old Town Depot is mixed-use development comprised of a 229-unit multi-family development and 28,650 sf of adaptive reuse buildings based in downtown Rock Hill, SC. The entire city block is the largest assemblage of property in downtown Rock Hill and is located in an Opportunity Zone. CCP has established a Qualified Opportunity Zone Fund to rehabilitate the existing buildings and reposition them for higher quality retail and office uses as well as the impending multi-family development project.
COVERED LAND: 1600 Camden
Total SF: 7,000
Acreage: .274
Lease Rates: $32.00 PSF NNN
Acquisition Date: 2017
Year Built: 2005
1600 Camden is a 7,000 SF office building located in an infill location of South End, one of the hottest submarkets for development in all of the Charlotte MSA. This ‘covered land’ investment yields steady double-digit returns, riding office rental rate growth in the submarket, while also seeing high-rise development sprout up in every direction. Land values have increased +/- 35% per year since the property was acquired and future high-rise office or multi-family development plans for the site continue to look promising.