Cadre Reveals Chicago and Atlanta Area Multifamily Trades
The New York City-based firm reports it has recently sold the Skyridge Club Apartments in suburban Chicago and the Sugarloaf Trails Apartments in suburban Atlanta.
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.”