>>February Newsletter 2019

What’s New February Newsletter

Welcome to our February Newsletter, keeping you informed of news, investments and successes by Cogress.

News – Q1 Investment Focus

We are actively Pursuing joint venture investment opportunities for acquisitions of multifamily and office assets generating cash flow from day one, for equity closing end of April 2019, up to $6MM LP investment per project. Investment horizon 3-5 years.
For consideration please send:
• Sponsor track record as general partner, AUM, company and team overview • Project’s Offering Memorandum
• Proforma with sources and uses, working model with monthly and annual cash projections
• Market study, renovated rent and sales comps

Recent JV Equity Investments

Conyers, GA – Brookfield Park Apartment Homes – 160 units residential MF complex value add
Sponsor – Praxis Capital
Total Costs: $14,700,000
Cogress Equity: $1,700,000
Description: Acquisition of a 1973-1985 vintage 160 units MF complex, renovation, increase NOI, and sale.
One of 2 JV’s with Praxis Capital

Conyers, GA – Ashord Brook Apartment Homes – 94 units residential MF complex value add
Sponsor – Praxis Capital
Total Costs: $9,100,000
Cogress Equity: $1,900,000
Description: Acquisition of a 1981 vintage 94 units MF complex, renovation, increase NOI, and sale.
One of 2 JV’s with Praxis Capital

JV Equity Exits – Recent Realized Investments and Dispositions

Daytona Beach, FL – Riverbreeze Townhomes & Fairway Apartments – 72 units residential MF complex value add
Sponsor – ESO Equity Group
Total Costs: $3,700,000
Cogress Equity: $1,650,000
Description: Acquisition of a 1971 – 1990 vintage 72 units MF complex, renovation, increase NOI, and sale.
One of 4 JV’s with ESO Capital Group

JV Equity At Work – Ground-Up Construction Updates

Des Moines – IA – District 6th – 213 units residential MF complex development
Sponsor – TWG Development
Total Costs: $40,300,000
Cogress Equity: $4,000,000
Description: Land Acquisition, construction of 213 units residential MF complex, lease up, stabilization, and sale.
Project Update: Building A second floor out of four is nearly complete, building B framing has begun, as well as foundation for the 216 spot underground parking garage. One of 2 JV’s with TWG Development

Partner Spotlight

Praxis Capital
Brian Burke, President / CEO


Background and Track Record
Based in Santa Rosa, CA, Praxis Capital is a vertically integrated real estate investment firm focusing on multifamily acquisitions and management. Praxis’ founder, Brian Burke, started in 1989 by investing and repositioning foreclosed single-family houses in the San Francisco bay area and founded Praxis in 2001. In 2002, Praxis scaled up to multifamily investment, and have acquired over 2,000 units across AZ, TX, FL, and GA. Praxis expanded its team in 2017 and the four principles have acquired and managed north of 105,000 units during their careers with a variety of public and private companies.

Operation
Praxis Capital’s in house management team is comprised of about 40 property level employees, acquisition and asset management, and executive team.

How did you hear about Hagshama?
One of Cogress Hagshama’s analysts had heard Brian Burke on a podcast during his commute and reached out to Brian.

What has your experience working with Hagshama / Cogress been like?
We have done 2 deals together in Conyers, GA – Brookfield Park Apartment Homes – a 1973 – 1985 vintage 160 units residential multifamily complex value add, and Ashford Brook Apartment Homes – a 1981 vintage 94 units residential multifamily complex value add and are about to close on two additional similar projects in GA . Hagshama Cogress has been great to work with, so often equity is being thought as the other side of the table, but Hagshama has been a true partner providing quick feedback, being very accommodating in structuring the deals. We also enjoyed our tour of Jerusalem and meeting the entire team as part of closing our first deal.

What is the main value Hagshama brings to your business?
With Cogress Hagshama’s recent equity investment of $9MM, the main value is giving us the ability to scale up our activity to larger investments.

Cumulative Track Record

To learn more about the process, investment criteria and discuss JV opportunities please contact our team.

Contact us

Gili Nasim
Head of Acquisitions & Business Development
Gili@kerenhagshama.co.il


Acquisitions & Business Development team

Roded Leviathan
Roded.Leviathan@cogresscapital.com

Nir Yakobovich
Nir@kerenhagshama.co.il

Daniel Gefen
daniel.gefen@cogresscapital.com

This newsletter does not constitute an offer to sell or the solicitation of an offer to purchase any securities and is for only the use of its recipients

Cogress 2019-02-21T04:03:41+00:00