On October 24th, Echelon at Middletown apartment development was sold for $38.0 million ($180,900/Unit), generating an 18% IRR and an Equity Multiple of 1.8 to 1 over the 3½ year hold period. This Big House-style, 210 Unit apartment development was constructed on 12.6 acres commencing February 2016 at a total cost of $29.8 million ($142,000/Unit) by a joint-venture partnership of Westminster Realty Partners LP and The Garrett Companies. At disposition the property was 91% leased.
About Westminster Capital
Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling $860 million of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction. The firm employs careful investment underwriting and pursues well-funded tenants motivated by powerful, long-term secular trends in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.