Sharing some context on a deal we’re currently underwriting in the Des Moines / Ames, IA market, and open to connecting with others who have experience or interest in LP buyout / refinance-driven structures.

Deal overview:

• Market: Ames / Greater Des Moines, IA

• Asset type: Small multifamily portfolio in a student housing submarket near ISU

• Units: 29

• Occupancy: 100% in-place

• 2024 NOI: ~$239K (actuals)

• Status: Off-market, active underwriting, pre-LOI

Structure under evaluation:

• Conventional bank financing with conservative leverage

• Equity structured as a clean LP position (no promote-heavy JV)

• Targeted preferred return in the high single digits

• In-place cash flow from day one

• Refinance window of 12–36 months with the intent to simplify ownership post-refi

The focus here is on predictable yield and downside protection, rather than long-term equity participation or operational involvement.

If anyone here has executed similar LP buyout / refi structures in the Midwest, or has perspective on how they’re being structured in today’s market, happy to compare notes via DM.

Best,
Eduardo

Sharing some context on a deal we’re currently underwriting in the Des Moines / Ames, IA market, and open to connecting with others who have experience or interest in LP buyout / refinance-driven structures.

Deal overview:

• Market: Ames / Greater Des Moines, IA

• Asset type: Small multifamily portfolio in a student housing submarket near ISU

• Units: 29

• Occupancy: 100% in-place

• 2024 NOI: ~$239K (actuals)

• Status: Off-market, active underwriting, pre-LOI

Structure under evaluation:

• Conventional bank financing with conservative leverage

• Equity structured as a clean LP position (no promote-heavy JV)

• Targeted preferred return in the high single digits

• In-place cash flow from day one

• Refinance window of 12–36 months with the intent to simplify ownership post-refi

The focus here is on predictable yield and downside protection, rather than long-term equity participation or operational involvement.

If anyone here has executed similar LP buyout / refi structures in the Midwest, or has perspective on how they’re being structured in today’s market, happy to compare notes via DM.

Best,
Eduardo Cambil