So far, Cadre’s model has caught on. In the five years since launching in 2014, the startup now has roughly 20,000 investors who have stakes in more than $3 billion worth of real estate assets.
And with the recent sale of two apartment complexes located in the Chicago and Atlanta metro areas, respectively, Cadre says it’s hit a new milestone—$100 million in returns to its investors, to date.
The deals involve Cadre’s sale of the Skyridge Club Apartments, a 364-unit property in the Chicago suburb of Crystal Lake, Ill., and the Sugarloaf Trails Apartments, a 268-unit complex in the Atlanta suburb of Duluth, Ga.
The company offloaded the Skyridge asset for a price of $65.3 million after acquiring it for $50.9 million in November 2016; likewise, it flipped the Sugarloaf apartments for $44 million after buying the property for $30.8 million in April 2017. The entities acquiring the assets from Cadre were not disclosed.
Combined, Cadre says the two deals delivered a net IRR (internal rate of return) of more than 20% for investors and outperformed their original underwriting. “Cadre operated each asset more efficiently and at a lower cost than initially underwritten,” Co-Founder and CEO Ryan Williams said in a statement.
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