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Legacy Parc

Legacy Parc was acquired as a fractured condominium in 2013, in which the partnership acquired a majority interest in 210 of the 320 units in the community. Sponsorship proactively managed the rental and HOA components of the assets, achieving cost efficiencies and growing rents by implementing a successful light value-add strategy over time.

In 2018, a majority of the same partnership acquired an additional 27 units in the condominium. BIP’s principals effectively implemented a similar light value-add strategy, which provided additional economies of scale and cost savings for the partnership. In February 2020 the asset was sold, generating net investor returns of a 27.9% IRR and a 4.2x equity multiple.