Get new deals right in your inbox →

Green Bay's NOVA: Class-A Multifamily with 20.1% Target LP IRR

Single photo

Deal Overview

Total Raise

$12.8M

Minimum Investment

$87.08K

Hold Period

5 Years

LP IRR

20.1%

Return on Equity

2.7x

NOVA is a new 8-story, Class A, mixed-use multifamily development located at 221 Cherry Street in Green Bay, Wisconsin. The project features 268 units with an average size of 802 SF, approximately 5,000 SF of commercial space, and offers a unique opportunity in the growing Green Bay market.

Meet the Team

YPO New Land Team
Tim Gokhman

Tim Gokhman

Overseeing development and acquisition, Tim has led a culture of innovation at New Land by implementing new technologies. Driven by a belief that cities thrive when they are diverse, walkable, and culturally vibrant, Tim creates value while prioritizing public-private partnerships and meaningful community engagement.

Ann Shuk

Ann Shuk

Ann oversees human resources, training, and culture. Ann is a graduate of Carlson School of Management at the University of Minnesota, and has excelled in a number of positions at the company, including leasing and property management, prior to her current role, giving her a unique perspective on team building and company culture.

Sheldon Oppermann

Sheldon Oppermann

Leading the property management, finance, accounting, legal, and risk management, Sheldon has over 22 years of experience in commercial real estate asset management, construction and development. He is a licensed attorney, real estate broker, Certified Property Manager, and Real Property Administrator.

Laura Kleczkowski

Laura Kleczkowski

Responsible for driving property performance, enhancing the resident experience and building leadership teams, Laura has more than 20 years of experience in the industry, has worked with a variety of asset classes and been instrumental in lease-up success at dozens of new communities.

YPO New Land Team

Investment Highlights

  • Green Bay is a growing community with strong unmet demand for apartment living.
  • Class-A, highly amenitized multifamily does not exist in the submarket.
  • This is a brand new, superior product with potential to exceed underwritten rents.
  • The sponsor has a strong track record (29 projects).

Opportunity Overview

Project Details

  • Address: 221 Cherry Street, Green Bay
  • Type: 8-story, Class A, mixed-use multifamily
  • Units: 268
  • Avg. Unit SF: 802 SF
  • Commercial: ~5,000 SF
  • Exit Cap Rate: 6%

Underwritten Returns (estimating a year 5 exit)

  • Project Return on Investment: 24.0%
  • LP Investor Return on Investment: 20.1%
  • Minimum Investment: $87,075 (one A-unit)
  • Project Equity Multiple: 2.7x
  • Stabilized Yield on Cost: 7.6% (Total Development Cost Minus TIF Proceeds)
  • Untrended Yield on Cost: 7.2% (Total Development Cost Minus TIF Proceeds)

Investment Timeline

The investment timeline is divided into several key phases, each representing a critical stage in the development and operational life of the project.

Year 1-2: Construction Phase

During the first two years, investor contributions are crucial to supporting the construction of the project. Throughout this phase, no distributions are made, and an 8% annual preferred return is accrued for investors.

Year 3: Lease-Up Phase

In the third year, the project transitions into the lease-up phase. The focus is on securing tenants and preparing the property for stabilization. Throughout this phase, no distributions are made, and an 8% annual preferred return is accrued for investors.

Year 4: Stabilization and Refinance

By the fourth year, the project enters the stabilization and refinance phase. At refinance, which is projected for month 36 of the project, the 8% annual preferred return, which has been accruing since initial investment, is distributed to investors to the extent there are available proceeds from refinance. For example, assuming a hypothetical $100,000 initial investment, a target distribution of $24,000 will be made at refinancing to "catch-up" the investor's accrued preferred return. After refinance, quarterly distributions to investors begin, continuing until the sale of the property. Distributions are made when there is available cash flow, covering the accrued preferred return first.

At refinance and for quarterly distributions if the available cash exceeds the accrued preferred return, $0.75 of every additional dollar is distributed to equity investors.

Year 5-6+: Ongoing Operations and Sale

During the ongoing operations phase, the property is fully leased, and quarterly distributions continue. Eventually, the property is sold. This is projected to occur at the end of year 5 but will be driven by the market to provide optimal investor returns. The sale follows the same distribution rules as during refinance operations, with all available proceeds from sale first paying off investors' accrued 8% annual return, and then $0.75 of every additional dollar being distributed to investors. This ensures that investors receive their original investment plus any additional returns accrued during the life of the project.

Why Green Bay?

The Green Bay market is on the rise, with recent commercial and public investments leading to job growth. In the past 2 years, unemployment has dropped to 2.7%, and job growth has gone up over 1.7%.

Green Bay is a U.S. News & World Report "Best Place to Live" (#12 in '24, #1 in '23)

Major Commercial Investments

  • Georgia Pacific: $500M expansion creating 150 jobs
  • Carnivore HQ: $55M development creating 110 jobs
  • Green Bay Public Market: Redevelopment ($12.1M)
  • Rail Yard: Redevelopment ($130M+)
  • Green Bay Packaging: $500M development creating 200 jobs

Major Public Investments

  • CityDeck: $14M investment in riverfront boardwalk
  • Shipyard: $24M investment in riverfront promenade/multi-modal path plus event space and commercial plaza
  • JBS Site: Development and new City Park, a $10M+ investment developing 25 acres to facilitate new housing, a destination playground, and urban farm
  • Port Expansion: A $50M investment in redeveloping a former power plant into a state-of-the-art port facility

Why Class A Multifamily?

High Demand for Class A Multifamily

  • Class A and B vacancy is 3.0%, below the average vacancy rate for Green Bay MSA
  • City of Green Bay's population rose 3.3% from 2010 to 2023
  • Brown County added 9,769 households from 2010-2020
  • 3rd party market study projects an unmet need for 2,625+ units through 2028

Low Supply of New Product

  • From 2016-2022, only 183 building permits were issued in Green Bay
  • Less than 1,000 units are formally in the planning pipeline for Brown County
  • No projects featuring this level of amenities has been submitted to date

Large Prospective Tenant Pool

  • 1 and 2 Person Households make up 65% of all households in Brown County
  • NOVA's target age demographics (under-35 and 55-64) are the 2 largest demographic groups in the County
  • Green Bay has low unemployment at 2.7%
  • New home construction starts are down over 12% nationally year over year

Rents are Growing Quickly

  • In 2023, median rents in Green Bay grew 11%, outpacing both State and national median growth rates of 6.43% and .77%, respectively

Why This Investment?

Product like this has not yet been offered to Green Bay. The two closest comparable properties, Titletown Flats and Bohemian Park II, do not have a pool, golf simulator, or any of the other amenities that will set NOVA apart in a class of its own.

However - the proforma projected rents are in-line with both of those properties and below the rents projected by our third-party market study.

Market Study Unit Details

PropertyAvg. SFAvg. RentAvg. Rent/SF
Titletown Flats853$2,107$2.47
221 Cherry St. Market Study775$2,062$2.66
NOVA802$2,047$2.55
Bohemian Park II884$2,041$2.31

Rent Sensitivity Analysis

Sensitivity Analysis

- Proforma +
Average Rent $1,847 $2,047 $2,247
LP Investor IRR 12.2% 20.1% 27.9%
Refi Interest Rate 6.68% 5.68% 4.68%
LP Investor IRR 18.8% 20.1% 20.7%
Exit Cap Rate 6.50% 6% 5.50%
LP Investor IRR 16.2% 20.1% 24.2%

Yield on Cost Sensitivity

- Proforma Mkt. Study
Rent/SF $2.40 $2.55 $2.66
Untrended YoC 6.7% 7.2% 7.6%

Project Financial Details

Sources and Uses

Sources
Sponsor Equity $2,002,725
LP Investor Equity $12,800,025
TIF Proceeds $8,500,000
Construction Loan $54,300,000
Total $77,602,750
Uses
Construction Cost (hard) $55,409,574
Combined Hard Contingency $3,500,000
Total Soft Costs $11,827,155
Total Loan Origination Fees $2,608,000
Developer's fee $4,000,000
Developer's Soft Contingency $258,021
Total $77,602,750

Opportunity Schedule

Project Milestones

  • ✔ Development Agreement: May 2024
  • ✔ Site Plan Approval: May 2024
  • ✔ Rezoning Approval: May 2024
  • TID Creation: September 2024
  • Municipal Approvals: Q3 2024
  • Loan Closing/Start Construction: Q4 2024
  • Construction Completion: Q3 2026
  • Project Stabilization: Q3 2027

Invest in Green Bay's NOVA: Class-A Multifamily with 20.1% Target LP IRR

Total raise

$12.8M

Min Investment

$87.08K

Hold time

5 Years

LP IRR

20.1%

Return on equity

2.7x

More details available to qualified investors

Similar Investment Opportunities

Explore more premium deals in our curated collection

176-Unit Multifamily Investment Opportunity in Atlanta, GA

176-Unit Multifamily Investment Opportunity in Atlanta, GA

The Broadway at East Atlanta presents a unique value-add multifamily investment opportunity in a high-growth Atlanta submarket. The property benefits from a low basis acquisition price with proven operational upside, making it an attractive proposition for investors looking for s...

Total raise

$7.83M

Min Investment

$100K

Hold time

5 Years

LP IRR

17%

Return on equity

2.0 x

Onicx Healthcare Real Estate Fund: Capitalizing on the Growing Demand for Medical Real Estate

Onicx Healthcare Real Estate Fund: Capitalizing on the Growing Demand for Medical Real Estate

The fund will be investing in outpatient medical assets with value-add acquisitions and ground-up developments primarily in the Southeast. Onicx is vertically integrated with its own construction and property management teams and has over 20 years of track record in the space.

...

Total raise

$50M

Min Investment

$100K

Hold time

3-5 Years

LP IRR

15%-19%

Flagship Vineyard Resort in Paso Robles: Sona Hills

Flagship Vineyard Resort in Paso Robles: Sona Hills

A flagship 56-key luxury boutique vineyard resort under development in Paso Robles, CA. Spanning 220 acres, the project includes villas (fractional), suites, restaurants, tasting room, wine making facility, spa & wellness center, event spaces, and more. Investors benefit from a compelling returns...

Total raise

$30M

Min Investment

$250K

Hold time

10 Years

LP IRR

32.73%

Return on equity

3.0 x

Horizon Apartments: Cashflowing Multifamily in San Antonio

Horizon Apartments: Cashflowing Multifamily in San Antonio

Horizon Apartments is a 204-unit multifamily community in San Antonio, TX. This cashflowing asset presents an opportunity for accredited investors to participate in a value-add strategy targeting an 18% IRR and 2.1x equity multiple.

...

Total raise

$6.6M

Min Investment

$50K

Hold time

5 Years

LP IRR

18%

Return on equity

2.1 x

Liminal: Louisville's Premier Adaptive Reuse Opportunity

Liminal: Louisville's Premier Adaptive Reuse Opportunity

Liminal is a transformative attainable housing investment opportunity that will revitalize a historic landmark into a mixed-use development in Louisville's burgeoning Portland neighborhood. This adaptive re-use project will convert a 137,000 SF riverfront warehouse into 138 workforce apartments ...

Total raise

$5.75M

Min Investment

$50K

Hold time

6.5 Years

LP IRR

21.2%

Return on equity

3.0 x

Stable Government-Leased Office Investment in Harrisburg, PA

Stable Government-Leased Office Investment in Harrisburg, PA

This property is a single-tenant office building in Harrisburg, PA serving as the main office for Dauphin County Children and Youth.

...

Total raise

$3.8M

Min Investment

$50K

Hold time

5 Years

LP IRR

20.25%

Return on equity

2.2 x

The Benton: Class-A Multifamily Near Walmart HQ

The Benton: Class-A Multifamily Near Walmart HQ

The Benton is a strategically positioned 150-unit multifamily housing complex located less than 10 minutes from the new Walmart Corporate headquarters in Northwest Arkansas. This investment opportunity capitalizes on the region's strong economic growth and high demand for quality housing.

...

Total raise

$8.5M

Min Investment

$100K

Hold time

5-7 Years

LP IRR

19%-22%

Return on equity

1.9 x

Luxury Multifamily Development in New Haven, CT

Luxury Multifamily Development in New Haven, CT

20 Fair is a shovel-ready 168-unit luxury apartment development in downtown New Haven, CT, offering Limited Partner Common Equity Interests at a below market land basis. The development team of Epimoni and Spinnaker Real Estate Partners are providing LP Investors the rare opportunity to invest at pr...

Total raise

$5M

Min Investment

$250K

Hold time

5 Years

LP IRR

35.4%

Return on equity

3.0 x

Ground-Up Opportunity in Arizona: Permit-Ready Mesa Hotel

Ground-Up Opportunity in Arizona: Permit-Ready Mesa Hotel

Invest in the ground-up development of a 107-room upscale Cambria Hotel in Mesa, AZ. This permit-ready project in the Mesa Tech Corridor, by Aspect Hospitality Group and O'Reilly Hospitality Management, offers a 23.2% projected IRR, 19% cash-on-cash yield, and ownership in a premium, branded hote...

Total raise

$5M

Min Investment

$100K

Hold time

5-10 Years

LP IRR

23.2%

Return on equity

3.4 x

Multi-Tenant Retail Development: Roanoke Village Pad 1

Multi-Tenant Retail Development: Roanoke Village Pad 1

Invest in Roanoke Village Pad 1, a ground-up multi-tenant retail development in Roanoke, TX, by RVTX Partners, LLC. Seeking $1M LP equity, this project offers a projected 20% XIRR and 1.6x equity multiple over a 3-year hold. Benefit from a pre-leased anchor tenant (D1 Training), prime location i...

Total raise

$1M

Min Investment

$50K

Hold time

3 Years

LP IRR

20.2%

Return on equity

1.6 x

Stabilized Multifamily in Naples, FL with Conversion Upside

Stabilized Multifamily in Naples, FL with Conversion Upside

Jade at Olde Naples is a 104-unit multifamily community in Naples, FL, offering a stabilized investment opportunity with upside potential. This well-maintained property is located in Naples, FL, ranked #1 for the 2024-2025 best places to live by US News and World Report and benefits from high bar...

Total raise

$8.55M

Min Investment

$100K

Hold time

3-5 Years

LP IRR

22.2%

Get Notified About New Deals

Leave your email below and we'll notify you when new deals are added.

Janover: Your Partner in Growth

At Janover, we offer a wide range of services tailored to your unique needs. From commercial property loans and Real Estate Syndication to business loans and services for lenders, we're here to help you succeed.

Learn more about Janover  →
Commercial Property Loans

Get the best CRE financing on the market.

Explore Financing Options  →
Real Estate Syndication

Syndicate deals on autopilot with Janover Connect.

Discover Real Estate Syndication  →
Business Loans

Match with the right kind of loan, in record time.

Find Business Loans  →
For Lenders

Supercharge your loan pipeline. Unlock more deals.

Boost Your Loan Pipeline  →