Asset Details
In August 2022, CalTier Fund 1 invested in the Marshall Park Townhomes, a 41-unit multi-family community consisting of 39 four-bedroom townhomes and 2 apartment units.
Marshall Park is one of the four multi-family assets that make up our investment in the Richmond Virginia (RVA) portfolio.
Marshall Park is also one of the only for-rent townhomes communities in Richmond, Virginia and each unit can be sold off individually upon exit, which provides the property with additional upside, being able to unlock the for-sale value of each townhome.
In just one quarter since closing, the RVA Portfolio, including Marshall Park, was able to produce a net operating income (NOI) of 10.8% above the underwritten budget due to above budget rents, physical occupancy, and economic occupancy. Because of this, RVA has already produced a 2.74% return on the initial investment in just 4 months.
