Welcome to our March Newsletter, keeping you informed of news, investments and successes by Cogress.
We are proud to announce phase one equity closing of CoFund X Inaugural Project
Schaumburg, IL – Veridian Living – 250 units residential MF complex ground up construction
Sponsor – Vennpoint Real Estate and Urban Street Group
Total Costs: $67,600,000
Cogress Equity: $11,200,000
Description: As part of the future development of the former Motorola Campus, Veridian Living is the first Class-A multifamily asset and part of a unique and diversified mixture of new developments. The project is comprised of land acquisition, construction of a 250 units MF complex, lease up, stabilization and sale.
Special Thanks to Bob Kuker, and Bob Burk of Urban Street Group and their teams for the hard work and superb collaboration in bringing our joint venture to materialization and joining us in Israel for a successful investor’s conference.
JV Equity Exits – Recent Realized Investments and Dispositions
Pittsburg, PA – Penn Rose – 72 units residential + retail value add
Sponsor – Red Rocks Group
Total Costs: $16,400,000
Cogress Equity: $2,800,000
Description: Acquisition of a 1906 vintage historic landmark ten floor concrete commercial building, conversion to rental lofts and retail, lease up, stabilization, and sale.
JV Equity At Work – Value Add and Ground-Up Construction Updates
Greensboro, NC – Lincoln Green Apartment Homes – 616 units residential MF complex value add
Sponsor – Elite Street Capital
Total Costs: $45,400,000
Cogress Equity: $2,600,000
Description: Acquisition of a 1984 vintage MF complex, renovation, increase NOI, and sale. Project Update: 95% occupancy has been achieved.
One of 8 JV’s with Elite Street Capital
Houston, TX – Montrose – 64 units residential 3 MF complexes portfolio value add
Sponsor – CBMJ Investments & Development
Total Costs: $11,100,000
Cogress Equity: $2,100,000
Description: Acquisition of a 1955-1969 vintage portfolio of 3 MF complexes, renovation, increase NOI, and sale.
Project Update: Renovated units are being leased at proforma levels shortly upon renovation.
Branford, CT – Omega Estates, Mill Plain Duplexes, Marshfield Apartments – 160 units residential 3 MF complexes portfolio value add
Sponsor – Navarino Capital Management
Total Costs: $17,000,000
Cogress Equity: $2,400,000
Description: Acquisition of a 1968 – 1998 vintage portfolio of 3 MF complexes, renovation, increase NOI, and sale.
Project Update: 92% occupancy has been achieved while increasing rents.
Noblesville, IN – 32 Union – 210 units residential MF complex ground up construction
Sponsor – TWG Development
Total Costs: $26,100,000
Cogress Equity: $4,200,000
Description: Land acquisition, construction, lease up, stabilization, and sale.
Project Update: Buildings 5,6, and 7 are complete, certificate of occupancy issued. Buildings 1 through 4 construction completion is expected by end of Q2 2019.
One of 2 JVs with TWG Development
Urban Street Group
Robert Kuker, Managing Partner
Background and Track Record
Based in Chicago Illinois, UrbanStreet Group was founded in 1996 by Robert Burk and Robert Kuker as a vertically integrated full-service real estate development, construction, general contractor, and management company. UrbanStreet is active in development of multifamily, commercial, and retail assets, and is active in the Chicagoland area and Mid-West markets. UrbanStreet Group’s Executives have been active as principles in the real business for several decades.
UrbanStreet’s headquarters team is comprised of 10 people in charge of executive functions, acquisitions, asset management, finance, project management and administration. Additional people are project and property based and are in and out of the field as needed. UrbanStreet has historically managed its retail assets and small multifamily assets in-house, while retaining third party property management firms its larger multifamily properties.
How did you hear about Hagshama?
We were introduced through a U.S.-based real estate firm that Hagshama has invested with in several projects.
What has your experience working with Hagshama been like?
We just completed our first project transaction with Hagshama and it has gone very smoothly. Hagshama’s analysis was very thorough and added tremendous value to the due diligence process, which is what a true partnership should be.
What is the main value Hagshama brings to your business?
Hagshama has proven to be an efficient and reliable equity partner. Having the confidence that the equity comes in on time brings tremendous value. In addition, Hagshama executives and analysts understand ground up development, which is not something to be taken for granted, as we have worked with equity firms and investors who really do not understand the complexity of ground up development.
What is unique about Hagshama and what sets up apart as an LP Partner?
We were in Tel Aviv when Hagshama launched its Co-Fund X. Being there at that time made it clear that the organization is highly experienced, well-staffed and very professional as a real estate investment house. The level of expertise of the executive team and the firm’s analysts was truly impressive.
Cumulative Track Record
To learn more about the process, investment criteria and discuss JV opportunities please contact our team.
Head of Acquisitions & Business Development
Acquisitions & Business Development team
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