Impact Investment Company to Enhance New Property; Impact Residential Life, Environment and Community
SAN FRANCISCO, CA–(Marketwired – May 7, 2015) – OP Cheyenne, LLC acquired Cheyenne Crossing for $25 million ($113,636/unit); a 220-unit Class B+ apartment community in Colorado Springs on April 30, 2015. The deal was organized and sponsored by OpenPath Investments, LLC (OPI).
OPI identifies existing rental apartment properties with “value-add/operational upside” in the Western States with 100+ units that provide “workforce” housing. Cheyenne Crossing is a Class “B+” asset in an “A” location. OPI will cure minor exterior capex, close the gap between in-place rents, conduct light 41-unit interior renovations, and add washer/dryers inside units to further push rents.
“All of OPI properties cultivate healthy and thriving communities through social stewardship, open feedback loops, and respect for all parties and viewpoints. We measure returns not only financially but also socially and environmentally. OPI strives to create a sense of ‘place’ at each of our properties whereby residents and employees are supported and communities ultimately thrive,” said Founder and Managing Partner, Peter Slaugh of OPI.
He added that each OPI property incorporates the Urban Village program based on the simple premise that residents operate stronger as a collective community rather than as individuals. Core to OPI’s mission, the program attempts to unlock the unlimited potential that community and healthy living spaces can achieve.
OPI has been investing in multi-family acquisitions for more than a decade trading in and out of over 2,100 apartment units with a total acquisition value exceeding $200 million and a historical IRR of 17%-20%+. The company strategy is to continue generating above-market investment returns alongside measurable social and environmental impact. OPI works with accredited investors and has options for investments starting from $50,000+. Visit OPI’s website: www.openpathinvestments.com or contact Bridget Argana: (480) firstname.lastname@example.org.