When researching which real estate investment firm to partner with, it is important to understand its experience, track record, and provable results.
We have successfully executed over 50 projects that have all have met or exceeded return projections.
Edward Block & The Whitford
Southbridge, MA
This 65 unit mixed use building in downtown Southbridge, MA was completely renovated using millions of dollars in Historic Tax Credits.
15%
Cash on Cash
2.3x
Equity Multiple
24%
AAR
Springside and University
Aiken, SC
This project was sourced off market from a non-profit that let the property fall in to distress. By partnering with local housing authorities, WPS provided an exceptionally better living environment for nearly all existing tenants.
85
Units
2.8x
Equity Multiple
33.5%
Levered IRR
Saint Ive’s and Vendome
Worcester, MA
At acquisition the two sister buildings were almost completely vacant. The renovations team renovated all units, mechanicals and common areas in 12 months.
14%
Cash on Cash
2.1x
Equity Multiple (at refi)
28.2%
IRR
Arkansas Mobile Home Portfolio
Little Rock, AR
Full cycle of 131 pad mobile home portfolio purchase with reposition of 5 individual parks through a combination of tenant pad sell back, adding density, and significant NOI increase.
42%
NOI
1.85x
Equity Multiple
Grayson Cove
North Charleston, SC
WPS acquired a building with half of the units downed from fire damage. Through quick action and working with the municipality, the firm was able to keep grandfathered density allotment and reoccupy all units on the parcel.
1.94x
NOI
2.00x
Increase in Value at Refi
All Projects
Northbridge Landings
Type: Value Add Multifamily
Description: The Landings consist of 6 properties for a total of 30 units. WPS decided to acquire this portfolio for the upside that the new renovations would bring but also the added density potential. It is rare to find a building that has a unit occupancy amount that is not fully realized. The previous owner did a great job of keeping the building interiors and exteriors in working order but did not rent out all potential units in the structures due to not having a functioning sprinkler system. Adding sprinklers and fire panels to a building is extremely cost prohibitive unless doing so can result in adding more units to the building. WPS installed sprinklers to multiple small density buildings which will pay itself back over the coming years. Having a functioning sprinkler system that is up to current code will also prove invaluable at time of disposition.
Unit Count: 30
Value: $3.95MM
Operating Cap Rate: 10.3%
Market Cap Rate: 7.0%
The Hamilton Buildings
Type: Value Add Multifamily
Description: These 5 buildings have been wonderfully maintained by the former owner and we look forward to continuing to invest in both the interiors and exteriors. At acquisition there was 100% occupancy due to the incredible job the former owner did with sourcing tenants and keeping an excellent and communicative relationship with them. A reason we decided to acquire this building was to take advantage of our scale in the area and further decrease operating expenses. The severe shortage of workforce housing in the Commonwealth of Massachusetts and high construction costs have both positive affects on this investment class.
Unit Count: 50
Value: $8.5MM
Operating Cap Rate: 12.0%
Market Cap Rate: 7.0%
Grafton Mixed Use
Type: Value Add Multifamily and Retail
Description: The City of Worcester continues to grow in population, median income and wages. A nice component of this municipality is the downtown feel of the properties with commercial retail units on the ground floor and residential units on the floors above. Worcester has established and continues to emphasize walkable neighborhood zoning that support local work, life and play. The former owner of this mixed use property has let the residential units fall in to distress and allowed the bar on the ground floor become a nuisance to the neighborhood. Upon acquisition, our renovations team fully tenanted the building with 60% higher rents and evicted the problem retail tenant. We are happy to say the new restaurant has become a hotspot in the community and has increased the retail $/sf due to the higher foot traffic. The decrease in noise complaints and the increase in the NOI has added over double the value to the building in less than 2 years.
Unit Count: 8 Residential & 3 Commercial Units
Value: $1.6MM
Operating Cap Rate: 14.0%
Market Cap Rate: 7.0%
Central MA Portfolio
Type: Value Add Multifamily
Description: 50-unit portfolio in growing suburbs of Worcester that cater to workforce tenants. Several factors went into identifying this market well before other investors poured into this area. This has allowed drastic asset and rent appreciation over the past 3 years. Rents were well below market and the condition of units showed deferred maintenance with dated cosmetics. Strategically turned over units with a large rent delta in order to force added appreciation and increase NOI.
Unit Count: 50
Value: $5.6MM
Operating Cap Rate: 13.5%
Market Cap Rate: 7.0%
Clements Ave., North Charleston, SC
Type: Value Add Multifamily
Description: These 5 structures spanned 3 separate parcels on the new LCRT (Lowcountry Rapid Transit) route in North Charleston, SC. This multimillion state and federally funded public transit system will have significant impact on the future real estate development of the area. These parcels were of special interest due to the immediate value add opportunity but also the second-generation redevelopment plan allowed by the large parcels can potentially be combined to a better use. This project is a planned long-term hold as it has additional iterations of higher density residential housing after the public transit system is complete.
Unit Count: 15
Value: $1MM
Operating Cap Rate: 10.0%
Market Cap Rate: 7.0%
Kraft Ave., North Charleston, SC
Type: Value Add Multifamily
Description: At nearly 100% vacancy, we acquired this property at a significant discount. Luckily the previous owner had recently completed a moderate amount of rehabilitation before the acquisition. Our primary job was to finish the remaining interior updates and invest a large amount of CAPEX dollars and significantly enhance the curb appeal to match with the fabric of the neighborhood. This property also needed a significant management overhaul for the optimal rent roll to be achieved.
Unit Count: 9
Value: $780k
Operating Cap Rate: 10.9%
Market Cap Rate: 7.0%
340 Winter St., Framingham, MA
Type: New Construction Historical Reuse Multifamily Apartment
Description: This historical reuse project required a very specific permitting process and Town Meeting. The structure was originally a 5,200 square foot 19th century single family home that was transformed in to a 15 unit apartment building. When executing a historical reuse project, the developer needs to pay special attention to keeping the the building’s existing historical integrity. We kept or fully refurbished the portico, curved glass features, stone work and foundation and entire building facade. The neighborhood and the developer experienced a win/win scenario by enhancing the density and re-establishing this building as a leader in municipality’s historical category.
Unit Count: 15
Value: $5.4MM
Operating Cap Rate: 7.0%
Market Cap Rate: 5.0%
35/37 Elm St., Charlestown, MA
Type: Renovation & New Construction Condominium
Description: This project included a full gut renovation of an existing single family home and the addition of a second unit on the parcel’s vacant land. Due to the high price of land in the area, nearly all projects require developers to add density. The project needed to adhere to various neighborhood design overlay district requirements, zoning ordinances, city planning board and inspectional services requirements processes. After the project completion, the developer added density and livable square feet by 2.5x.
Unit Count: 2
Value: $4MM
Cranes Landing, 78 Residential Units
Cranes Landing is a complete residential community in Taunton, MA with an amenities package featuring a swimming pool, tennis courts, jogging trails and other features. Designed to emphasize the property’s natural beauty, the project leaned on the wooded surroundings when designing the streetscape and building layout.
Building 120, “John Paul Jones House”, 16,000 Square Feet of Office Space
This former hospital/dispensary building was originally built by the Navy in 1905. Building 120 in Charlestown, MA was a unique challenge in its restoration as the structure’s original purpose was rope manufacture and a consolidation of larger winged buildings combined in one unique structure.
Building 62, “The Captain Bainbridge House”, 40,000 Square Feet of Office Space
The restoration of this impressive brick and granite structure was designed by famed Boston Architect Alexander Parris. Rechristened to honor the first superintendent of the Boston Navy Yard, as well as former Captain of the USS Constitution; The Captain Bainbridge House is located in Charlestown, MA, and was restored through a combination of debt and equity funds utilizing the historic rehabilitation provisions and tax codes. A new mezzanine level has been added amidst the buildings existing truss work.
40 Warren St., 5,000 Square Feet Office Space
This property was originally an underutilized parking structure known as “English’s Parking Garage” housing 77 parking spaces in Charlestown, MA. This structure was redeveloped to include 5,000 square feet of executive office space while keeping the original 77 parking spaces on the lower floors.