Description:
Elkhorn Meadows was placed into service in 2009, and is comprised of 23-1 Bedroom, 49-2 Bedroom, and 24-3 bedroom units. The units are income restricted to households earning no more than 40-60% of the Natrona County area median income. Community amenities include a fitness center, dog run, playground, grill and picnic areas, bike storage and carport parking.

MPC Strategy:
McKee Private Capital purchased Elkhorn Meadows in November 2024. MPC raised equity from eleven private investors with debt financing provided by Greystone Servicing Company. Ten years of interest only payments were negotiated helping bolster strong returns over the term of investment.

This investment was purchased at a significant discount to replacement cost, which will be the primary driver of investor returns over the ten year term. Fixed rate, interest only debt payments will provide a solid foundation as we look to improve operations.

Description:
Pioneer Townhomes is a newly constructed (2019) apartment community located in the Eugene-Springfield MSA just four miles east of the University of Oregon. Springfield is located along the interstate 5 highway, connecting the region to other large metro areas. Diverse economic drivers include healthcare, education, and a growing tech industry.

The property is situated on two acres and is comprised of seven two-story buildings. The townhomes are upgraded with plank flooring, stainless steel appliances, dishwashers, private yards and washer/dryer sets in each unit.

MPC Strategy:
McKee Private Capital previously purchased a 38 unit community directly adjacent to Pioneer Townhomes in 2017. The two communities will be operated as one providing operational efficiencies that come with greater scale. Apartment occupancy in the Eugene-Springfield market is extremely tight with current reported vacancies running sub five percent.

Description:
River Run Apartments I & II is a 64-unit affordable housing community located in Laramie, WY. The property is located minutes from schools, shopping, Interstate 80, and the University of Wyoming. Phase I of the property was built and placed in service in 2004 and Phase II of the property was built and placed in service in 2005 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There are existing regulatory agreements in place which requires all units to be rented to income qualifying residents earning no more than 40%, 45%, 50%, and 55% of Area Medium Income (AMI) limits, which are provided by the Wyoming Community Development Authority.

The property offers two, three, and four-bedroom apartment homes complete with a fully equipped kitchen with a patio/balcony, walk-in closets, and extra storage. Community amenities include an on-site leasing office, on-site maintenance, computer room, fitness center, on-site laundry facility, playground, & picnic area.

Laramie is a city in Albany County, Wyoming with a population of 32,104. Located on the Laramie River in southeastern Wyoming, the city is west of Cheyenne, at the junction of Interstate 80 and U.S. Route 287.

Laramie was settled in the mid-19th century along the Union Pacific Railroad line, which crosses the Laramie River at Laramie. It is home to the University of Wyoming, Wyoming Technical Institute, and a branch of Laramie County Community College. Laramie Regional Airport serves the area. The ruins of Fort Sanders, an army fort predating Laramie, lie just south of the city along Route 287. Located in the Laramie Valley between the Snowy Range and the Laramie Range, the city draws outdoor enthusiasts because of its abundance of outdoor activities including skiing, snowmobiling, mountain biking, hunting, fishing, and hiking.

MPC Strategy:
McKee Private Capital continued to expand its geographic footprint, entering Wyoming for the first time in May, 2020, and expanding our LIHTC tax credit portfolio. River Run was packaged with another asset, Capital Greens Apartments, located in Cheyenne, WY and we were able to purchase both assets at favorable terms. We also benefited from historically low interest rates, locking in a 3.27% rate on a 10 year fixed term with Freddie Mac. Year 1 investor dividends are projected at 7.5% annually.

We have retained the services of Syringa Property Management located in Boise, Idaho, a specialist in LIHTC properties, and active in the Wyoming market.

Description:
Sunrise Gardens is comprised of one, three-story multifamily apartment building with a total of 69,745 rentable square feet. The community features a mix of one-bedroom and two-bedroom apartments with an average unit size of 742 square feet. The property is age restricted to seniors (55+), but there are no rent limit restrictions. Community amenities include an onsite laundry facility, two elevators, and a community room. The property benefits from close proximity to the Gateway Mall, Lincoln’s largest shopping center.

The Opportunity:
Sunrise Gardens will provide investors with the opportunity to acquire a stabilized asset at below replacement cost. With ever greater numbers of baby boomers looking to downsize in retirement, this asset is well positioned to benefit from demographic trends. Modest rent increases coupled with more efficient management practices will bolster investor returns going forward. We anticipate investor cash on cash returns in excess of 6% year one with subsequent increases as we benefit from fixed debt service payments for the term of the investment.