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Sep 08, 2022, 11:03 ET
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Recapitalizations Are Part of Firm’s Creative Value Add Strategies
BOULDER, Colo., Sept. 8, 2022 /PRNewswire/ — Brickstone Partners, a full-service real estate investment and development firm located in Nashville, Tenn., today announced the refinance and recapitalization of two multifamily assets valued at more than $180 million
The properties were extensively renovated after their purchase in 2014 and 2015, producing a significant increase in revenue and asset value. Both assets were underleveraged. This transaction allowed Brickstone to memorialize to date a 47.33% IRR and a 6.97x multiple and 26.62% IRR and 4.36x multiple on the second property.
“These highly successful investments continue to reaffirm the effectiveness of our core investment strategy, which is to invest in highly constrained markets with a unique focus on creative value-add strategies that create an asymmetry of risk and reward,” said Daniel Otis, founder and principal of Brickstone Partners. “We’re pleased that we were able to add significant value to the City of Boulder, its residents and our investment community through the improvement of these two assets.”
Brickstone Partners is one of the largest operators of student housing in Boulder, Colo. The firm has invested more than $500 million in the city in the last 14 years.
About Brickstone Partners
Brickstone Partners, Inc. is a full-service real estate investment and development firm officed in Nashville. Founded in 2001 by Otis, Brickstone has been involved in more than $1 billion of office, retail and multifamily investment and development. Most recently, Brickstone has been focused on developing high-end multifamily housing in legacy locations in highly desirable neighborhoods. The Company is also co-sponsor of the Google Regional Headquarters in Boulder, Colorado. While Brickstone delivers strong returns to its investors, it is equally committed to adding long-lasting value to the communities and neighborhoods it serves.
SOURCE Brickstone Partners
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