PIA FUND
Fund Offering
PIA Residential Fund I seeks to achieve attractive risk-adjusted returns by investing in a diversified portfolio of value-add institutional multifamily properties in growth markets of the Southeast US. Investments will target well located multifamily assets that are undermanaged and/or can be purchased below replacement cost. Focus will be on properties that generate consistent cash-on-cash returns and provide the opportunity for rent increases and value appreciation through light to medium renovations and a capital improvement program.
Typical Investment Profile
Project Cost / Equity
$25-$70 Million / $10 -$30 Million
Project Size
200 to 400 Units
Average Leverage
60% - 70%
Target Investment Terms
Average Cash on Cash
Hold Period
Investor IRR
Equity Multiple
Investment Rationale
Asset Stability
Multifamily occupancy rates have outperformed other asset classes over multiple cycles generating consistent cash flows
Demographics
Continued migration to the Southeast with projected population growth that is expected to exceed the national average
Affordability
High cost of home ownership causes people to remain renters for longer. PIA’s focus on Class B and C properties caters to a large segment of the population.
Liquidity
Access to attractive debt through agency debt, insurance companies and banks allows for competitive leverage
Demand/ Supply Imbalance
Housing supply is not sufficient to meet continued population growth and new household formation
Hedge Against
Inflation
Yearly rent adjustments offer good protection during inflationary times
Rental Rate
Growth
Strong employment coupled with housing shortages lead to upward pressure on rental rates.
fund projected timeline
