Parallel 49 Apartments

The existing 36-room hospitality building was renovated and converted into 39 updated studio, one-bedroom, and two-bedroom apartments. Quick permitting allowed entry into a supply-constrained apartment market, one of the key appeals of the opportunity. Vertically integrated with a related general contractor, the project benefited from a strong, committed team. Construction took nine months, with lease-up and stabilization completed in just one month. The business plan calls for a three- to five-year hold, targeting high-teens returns or a 2x equity multiple, while investors currently enjoy 8% cash-on-cash returns, above the 6% preferred.