Investor Presentaiton
Easton Village Ventures
Top 10
Exposures
1.
2.
3.
NexPoint Storage
Partners
NexPoint Homes
NexPoint Real
Estate Finance
INVESTMENT BACKGROUND
Easton Village Ventures, LLC owns 88.5% of the Easton Village
apartment complex in Boise, Idaho. The Property consists of 144
market rate, multifamily units within six garden style buildings on 7.47
acres of land with a pool, barbeque area, playground, fireplace,
community room, and fitness center. The Property is an infill location
with robust community amenities situated just four miles from Boise
National Forest, a 2.5-million-acre forest with hiking trails, biking trails,
scenic drives, water sports and winter sports. Boise Towne Centre, a 12
million square feet mall, is located within 4.8 miles from the Property.
INVESTMENT HIGHLIGHTS
Initial Investment
% of HFRO
Investment
Investment Type
Industry
2021
2.66%
$27.8M
Private Equity
Real Estate -
Multifamily
4.
EDS Legacy
Partners
5.
IQHQ
QuarterNorth
6.
Energy
7.
NexPoint
Hospitality Trust
8.
CCS Medical
9.
Freddie Mac 21K-
F103
INVESTMENT UPDATE
As of September 30, 2023, the property was 91.7% occupied with
average monthly rents of $1,601. The property continued to
demonstrate successful rent collection closing the quarter with zero
delinquency and remains focused on improving occupancy.
The property is running 4.07% below management's revenue forecast
for the nine months ended September 30, driven by a $62,000 or 2.8%
miss on top-line rent forecast. The Boise market continues to soften
both due to normal seasonality, as well as from the demand highs of
2021. The property has done well to offset the miss on revenue by
beating the expense budget by $28,000, or 4.3%, for the year-to-date,
and anticipate that to remain consistent in Q4.
The property made a distribution to the Fund in the third quarter at a
4.88% annualized rate of return.
10. Easton Village
Ventures
NOVEMBER 2023
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