A partnership between Thrive and Comunidad – 10 years in the making – Thrive and CRP have been joint venture partners on 20 transactions totaling nearly 5,000 units.
The fund’s mission will be to invest in multifamily assets that can maximize financial and social returns to investors and all stakeholders in the value chain.
To achieve a higher purpose of building thriving communities and enriching lives
To create, renovate, and preserve workforce housing apartments (60-120% of AMI) in growth markets that outperform in the areas of jobs, real wages, population, household formation metrics, and have a supply/demand imbalance.
- Target Size: $100m
- Types: Yield-Plus (Capital Preservation and Cash Flow), Value-Add (Appreciation), Opportunistic (Development and Renovation)
- Hold Period: 5-10 Years
- Targeted Annualized Cash-on-Cash Returns: 6-8% paid quarterly
- Targeted IRR Upon Disposition: 12-16%
- Texas: Dallas, Fort Worth, Houston, San Antonio, Austin
- Georgia: Atlanta
- Florida: Miami, Orlando, Tampa Bay
- New Mexico: Albuquerque
- Arizona: Phoenix
- Missouri: Kansas City
- Tennessee: Nashville
- North Carolina: Charlotte