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The Residences at Diamond Ridge isn't accepting new investments

The Residences at Diamond Ridge’s deadline was May 1, 2021

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The Residences at Diamond Ridge

336-unit, value-add multifamily property near downtown Winston-Salem, NC
B2C Real Estate Residential Real Estate
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Featured image of The Residences at Diamond Ridge
$290,000
Raised
79
Investors
Successfully funded and closed on May 1, 2021.
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Pitch Updates 3 Reviews 21
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Closed on May 1, 2021. Information may not be up-to-date. Campaign closed on May 1, 2021. Information displayed may not be up-to-date.
Property Project walk through Business plan Sponsor Offering Location
About Team Press

Documents

Republic (OpenDeal Portal LLC, CRD #283874) is hosting this Reg CF securities offering by DeRosa Capital 11, LLC. View the official SEC filing and all updates:
Official SEC Logo Form C SEC.gov
Company documents
The Residences at Diamond Ridge IPA DC Capital 11 Company Agreement as of 9-3-20.pdf DeRosa Project History.pdf DeRosa Track Record.pdf
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Hear from some of the 79 investors in The Residences at Diamond Ridge


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Highlights


  • Immediate fixed interest return of 8% APR over 3 years
  • Potential tax benefits from pass-through depreciation losses
  • Highly secure Class A shares, paid in full before all other share classes
  • Substantial renovations expected to drive rental increase of $200/unit
  • Quick return of capital to investors; refinancing expected after 3 years
  • Winston-Salem home prices have appreciated 38% since 2000
  • Experienced sponsor who has done $30 million+ in deals

Property


The Residences at Diamond Ridge is an apartment complex located just 1.25 miles from downtown Winston-Salem, North Carolina. Although the complex is fully leased, there is an opportunity to renovate and add long-term value to the property by doing significant interior and exterior renovations and increasing rents to market levels. 

The property consists of 336 units averaging 852 square feet and currently has three playgrounds, a soccer field, a leasing office, and a non-functioning swimming pool, all which DeRosa Group plans to renovate to maximize the value of the property.

Project walk through



Business plan


The business plan for The Residences at Diamond Ridge consists of six steps towards profitability:

1. Renovations to improve the curb appeal and attractiveness of the property including:

  • Adding three new playground sets onsite
  • Painting all buildings
  • Creating a community space: repairing the pool and extending the deck to add a basketball court, picnic tables, dog park, grilling area, and gym
  • Implementing a targeted security and safety improvement plan

2. Interior Unit Renovations

  • Updating the interiors of each unit to meet resident demand and raise rents to market, resulting in an anticipated average rental increase of $140 per unit.

3. New Management

  • Bring best-in-class local property management systems and processes, while increasing onsite staff from 4 to 7 individuals, providing increased resident satisfaction and asset performance.

4. Flexible Low-Cost Agency Debt

  • Quote received for a 75% LTV, 7-year floating-rate loan with two year interest-only at a 2.75% note rate.

5. Refinance Post-Stabilization

  • Due to the significant anticipated increase in net operating income, the DeRosa Group will pursue a refinance after stabilization, utilizing longer-term fixed-rate debt which may also reset the interest-only period, improving cashflow.

6. Long-term Hold

  • The anticipated hold period is 10 years. This hold period will allow for the DeRosa Group to take advantage of the strong fundamentals driving the Piedmont-Triad area.

 

Sponsor


The DeRosa Group is a family-owned business headquartered in Trenton, New Jersey. Matt and Liz started investing in real estate in 2004 with the purchase of a duplex outside of Philadelphia. Since then, the DeRosa Group has completed over $30 million in real estate transactions involving private capital including fix and flips, single family home rentals, mixed use buildings, apartment buildings, office buildings, and tax lien investments.

DeRosa Group is a developer and owner of commercial and residential property with a mission to “transform lives through real estate.” DeRosa is a people-focused, boutique development company who is proud of their proven track record of providing safe, profitable investment opportunities. DeRosa allows individuals to diversify their portfolios through passive “hands off” real estate investments. 

Providence Capital, Ltd., in partnership, provides acquisition, construction and asset management, and “back-office” support to The DeRosa Group. The DeRosa Group and Providence Capital, Ltd. will have over 1,100 units under management upon the completion of this acquisition.

Offering


We are offering up to 1,070 Class A Membership Interests (the " Class A Interests") at $1,000 per Class A Interest. Class A Interest holders will receive an 8% annual preferred return for a period of 3 years at which point we intend to redeem the interests using proceeds from a refinancing of the property.

Financial Overview

Sources and Uses 


Property Purchase Price$18,500,000
Renovation Costs$4,500,000
Financing & Soft Costs$1,190,000
Total Use of Funds$24,190,000


Class A Equity$2,000,000
Class B Equity$9,240,000
Senior Mortgage$12,950,000
Total Source of Funds$24,190,000


Cash Flow to Class A Members

Projected Returns

The return will be a fixed interest return of 8% APR for 3 years. The capital will be returned at the end of 3 years when refinancing is expected to occur. 

Location


Winston-Salem, North Carolina which has seen great growth in recent years spurred by Wake Forest University, the health and technology sectors. Diamond Ridge is located just 1.25 miles from downtown Winston-Salem’s employment and entertainment hub, and is a quick ten-minute drive from two of the region’s most prominent medical centers, several universities, and prime retail shopping.

A Growing City

Employment growth in Winston-Salem has transformed the city into the third largest urban area in North Carolina with a total population of over 650,000 individuals. Downtown Winston-Salem has been the benefactor of nearly $2B Public and Private investment, specifically in the area known as the Innovation Quarter.

With 20 Regional Hospitals, over 20,000 medical jobs within a two-mile radius, growth of households making at least $100,000 expected to accelerate twice as fast through 2024 and the continued growth of the Wake Forest Innovation Quarter, Winston-Salem’s apartment market is expected to continue to perform well, consistent with the average annual rent growth of 4.9% the market has experienced since 2017.

Major Employers 

Though historically known for its focus on logistics and manufacturing, with the help of several major universities, the Piedmont Triad region (located along the Interstate 85/40 corridor) has gradually diversified its employment base by consistently adding jobs to the health, education, and technology sectors.

The Innovation Quarter

The Wake Forest Innovation Quarter is only 1.5 miles from The Residences at Diamond Ridge. The  Innovation Quarter is a 330-acre research park—the largest historic redevelopment project in state history, and is now one of the fastest-growing urban-based districts for innovation in the nation. The space is home to over 170 companies within 1.9M+ square feet of office and laboratory space, five academic institutions, retail and dining, and multiple event venues.

 

Property details


Name
The Residences at Diamond Ridge
Address
730 Anson Street Southwest
Winston-Salem, NC
Type
Multifamily
Investment profile
Value-add
Total capitalization
$24,190,000
The total cost of the property or project.
Anticipated hold period
3 years
The amount of time the property will be held before being sold.
Targeted IRR
8%
IRR (Internal Rate of Return) is the annual rate of growth an investment is expected to generate. Note: this is an estimate.

Deal terms


Minimum investment

$1,000

The smallest investment amount that The Residences at Diamond Ridge is accepting.
Learn more

Maximum investment

$1,070,000

The largest investment amount that The Residences at Diamond Ridge is accepting.
Learn more

Funding goal

$1.07M

The maximum amount the offering can raise is $1.07M.
Learn more

Deadline
The Residences at Diamond Ridge needs to reach their minimum funding goal before the deadline ( ). If they don’t, all investments will be refunded.
Learn more
Type of security

Crowd IPA

Crowd IPA (Interests Purchase Agreement) is a simple agreement to acquire membership units of a limited liability company.
Learn more

Price per security

$1,000

The price of each membership unit.
Learn more

How it works

Documents

Republic (OpenDeal Portal LLC, CRD #283874) is hosting this Reg CF securities offering by DeRosa Capital 11, LLC. View the official SEC filing and all updates:
Official SEC Logo Form C SEC.gov
Company documents
The Residences at Diamond Ridge IPA DC Capital 11 Company Agreement as of 9-3-20.pdf DeRosa Project History.pdf DeRosa Track Record.pdf

Bonus perks

In addition to your Crowd IPA, you'll receive perks for investing in The Residences at Diamond Ridge.
Invest
$5,000
Receive
  • A lifetime membership to DeRosa Insiders, an online community, where the DeRosa team gives you and honest inside look at the "how and why" of our decision making process. We are open with our numbers, with the good, bad, and ugly that comes with real estate investing, all to serve our members, educate, and provide transparency into what goes on behind the scenes at DeRosa Group.
Invest
$10,000
Receive
  • Exclusive DeRosa Group branded items. A lifetime membership to DeRosa Insiders
Invest
$25,000
Receive
  • Tour your investment with one of the owners. See the property for yourself.
  • Exclusive DeRosa Group branded items.
  • A lifetime membership to DeRosa Insiders
Invest
$50,000
Receive
  • Attend a virtual group mastermind with Matt Faricloth and his team.
  • Learn first hand how Matt has built a real estate empire starting from nothing.
  • Receive a signed copy of Matt’s best selling book, "Raising Private Capital: Build Your Real Estate Empire Using Other People's Money"

Why others invested

See all reviews (0) See all (0)

One of the most important aspects of value-add multifamily apartment investing is have the right team in place to execute the business plan. Matt and his team are highly experienced operators with a proven track record. This is my second investment with the DeRosa Group and I'm excited to watch the team transform The Residences at Diamond Ridge and bring out it's full potential.

Profile picture of Marc Alberto
Marc Alberto
Investor
over 4 years ago

The DeRosa Group has a proven track record.

Profile picture of RANDALL HENDREN
RANDALL HENDREN
Investor
over 4 years ago

Much unlike derelict fixer-uppers, the Residences at Diamond Ridge embody a congenially homespun aura. Once ensconced in protracted quiescence, the Twin City-based apartment community has since fostered soaring acclaim for untapped development potentiality. Transcending beyond upkeep alone as pertinacious renovators, DeRosa Group’s untethered experience with multi-dwelling units succors their impending claim to the value-add real estate throne.

Profile picture of Sina Saeidi
Sina Saeidi
Active investor
over 4 years ago

About DeRosa Capital 11

Legal Name
DeRosa Capital 11, LLC
Founded
Jul 2020
Form
North Carolina Limited Partnership
Employees
0
Website
derosagroup.com
Social Media
Headquarters
Google Map location of of The Residences at Diamond Ridge
354 South Broad Street , Trenton, NJ
Headquarters
354 South Broad Street, Trenton, NJ, United States 08608

DeRosa Capital 11 Team
Everyone helping build DeRosa Capital 11, not limited to employees

Profile picture of Matt Faircloth
Matt Faircloth
Founder & General Partner
Featured in Superheroes · Read
Matt has completed over $40M in real estate transactions and controls over 1000 units in multi-family. He is the author of the Amazon Best Seller, "Raising Private Capital, how to Build your Real Estate Empire with Other People's Money".
Profile picture of Justin Fraser
Justin Fraser
Asset Manager
Justin is an apartment syndicator, asset manager, and real estate investor, responsible for managing multiple apartments across the country. He is host of the True Multifamily podcast about the business of apartment investing.
Profile picture of Ben Risser
Ben Risser
COO/CFO
Ben’s commercial real estate business has almost $7 MM in syndications and he manages nearly $10 MM in value-add commercial real estate. Ben also helps businesses succeed through business model and plan development and financial analysis.
Profile picture of Herve Francios
Herve Francios
Acquisitions Manager
After 23-years as a Financial Analyst on Wall Street, Herve now identifies target markets for larger multi-family deals. He started H&H Real Estate Group to invest in single family rentals, small multi-family deals and syndicated offerings.
1 more team member
Matt Faircloth
Founder & General Partner
Justin Fraser
Asset Manager
Ben Risser
COO/CFO
Herve Francios
Acquisitions Manager

Press

The hottest housing markets of 2020 are far from the coasts
MarketWatch MarketWatch
·
Jan 14, 2020

Forget Seattle, Denver and San Francisco. Boise, Idaho, is poised to be the hottest housing market at the start of the ne...

Average Rent In Winston-Salem, Winston-Salem Rent Trends ...
Rentjungle Rentjungle

As of October 2020, average rent for an apartment in Winston-Salem, NC is $1178 which is a 13.67% increase from last year...

Logo of The Residences at Diamond Ridge

The Residences at Diamond Ridge

The Residences at Diamond Ridge successfully raised $290,000 from 79 investors on May 1, 2021
Profile picture of RANDALL HENDREN
Profile picture of Sina Saeidi
Profile picture of Leyla Kunimoto
Profile picture of Marc Alberto
RANDALL, Sina, Leyla, Marc, and 75 others invested. 21 Reviews
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