Properties Sold

Rhumbline sources multifamily acquisition opportunities from industry relationships and the brokerage, finance and legal communities. Please contact Rhumbline with acquisition opportunities. See our Acquisition Criteria.

Property: Lisbon Apartments

Size:20 Units

Location:Milwuakee, WI

Acquisition: 2019

Disposition: 2022

Result

Lisbon Apartments consists of 20, 1BR apartment units. The former owner, who self managed the property for over 20 years, was retiring and marketed the property for sale.

Upon acquisition, Rhumbline continued a program of modest property updates while introducing professional property management tools such as online leasing and rent payments. Rhumbline also added value to the property by replacing the roof, overhauling the landscaping, refreshing the common areas and modernizing unit interiors. The property was sold to a local buyer in 2021 and produced a low 20% IRR.

Property: Breckenridge Apartments

Size:72 Units

Location:Findlay, OH

Acquisition: 2018

Disposition: 2022

Result

Breckenridge Apartments was constructed as affordable housing in 1999. The asset was acquired in an off market transaction.

This acquisition sought to capitalize on the deep demand for well maintained and upgraded affordable housing amidst very low levels of new supply in a small market with a surprisingly diverse economy. Perennially high occupancy, a strong local economy, and hands on management allowed us to create value and ultimately sell to a regional affordable housing provider. The transaction generated an IRR in the high teens.

Property: Clare Heights Senior Apartments

Size:45 Units

Location:Milwuakee, WI

Acquisition: 2017

Disposition: 2022

Result

Rhumbline purchased this well located, 55+ senior housing asset that was located in a middle class neighborhood with primarily 1970s vintage apartment supply. Risk of significant capital expenditures mitigated by new roof (2017), a parking lot (2017), and furniture in the community lounge (2017). Rhumbline upgrading flooring and lighting as units turnover and continue to attract senior residents, a growing demographic.

Rhumbline maintained high occupancy throughout the investment and offered seniors contemporary, senior living at an affordable price. Rhumbline sold this asset in 2022 to a non-profit whose goal is to preserve affordable housing in Wisconsin, earning a return in the high teens.

Property: Marsh Run Townhomes

Size:48 Units

Location:Brainerd, MN

Acquisition: 2018

Disposition: 2022

Result

Marsh Run Townhomes consists of 2-story, 2BR & 3BR market-rate apartments with attached garages. The community sits within a quiet, residential neighborhood 2-miles east of Downtown Brainerd. As the only townhome product in the market, these townhomes were in constant demand as they approximate a single family home.

Rhumbline modestly improved units by installing new countertops, refurbishing cabinets and installing stainless steel appliance packages as units turn over. Rhumbline was able to offer area residents updated townhome product at reasonable prices, ultimately selling the asset in 2022 and achieving an IRR in the low-20% range.

Property: Northern Star Apartments

Size:36 Units

Location:Bemidji, MN

Acquisition: 2017

Disposition: 2022

Result

Northern Star Apartments was constructed as affordable housing in 1996. Bemidji is home to a 5,000 student public university, an expanding regional medical center, and the fastest broadband speeds in Minnesota. The asset was acquired in an off market transaction. Most of units were previously renovated with new cabinets, countertops, stainless appliances, and lighting. Rhumbline upgraded the remaining unrenovated units and gradually shifted rents to market. Rhumbline sold this property in October 2022 and earned a mid-teens IRR.