Skyridge Apartments features 364 units and is located in Crystal Lake, IL.
NEW YORK CITY—Tech real estate platform Cadre reports it has returned approximately $100 million to its investors since its inception more than four years ago.
The New York City-based firm reports it has recently sold the 364-unit Skyridge Club Apartments in suburban Chicago (Crystal Lake, IL) and the 268-unit Sugarloaf Trails Apartments in suburban Atlanta (Duluth, GA). The company states that both sales delivered a combined net IRR greater than 20%.
Cadre acquired Sugarloaf Trails Apartments, in April 2017 and Skyridge Club Apartments in November 2016. The sale of Sugarloaf generated returns that were 105% above original underwriting, and the sale of Skyridge generated returns that were more than 20% above original underwriting.
In the case of Skyridge, Cadre was able to deliver outsized performance from a preferred equity position, which provided significant downside protection from the outset but outperformed underwriting nonetheless.
"Just over four years ago, Cadre was founded on a simple idea: to build a more transparent and liquid real estate investing model and enable more people to access institutional-grade real estate investments," says Ryan Williams, CEO and Co-founder of Cadre. "Today, the concept has been proven as we have now returned approximately $100 million in capital to our platform investors. I am grateful to our data, product, and engineering team members who have built a truly unique platform, and also grateful to our investments team who bring extensive experience to our company."
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
