Sweetbay Capital

We are pleased to announce Sweetbay Capital’s acquisition of 3 more properties in Roanoke, VA totaling 100 units for an average cost per unit of $82,650, which closed on Christmas Eve. This marks Sweetbay’s 5th acquisition and 6th, 7th, and 8th properties, bringing our current portfolio to 276 units and pushing our cumulative unit count over 300! We are excited to expand our footprint in Roanoke, VA and our successful partnership with Greenbrier Management, who has helped us outperform our underwriting on all of our Roanoke investments to date. Big thanks to Clay Taylor at Thalhimer for bringing these deals together and to David Miller and his team at Longleaf Law Partners for their expert guidance on another complicated transaction involving multiple sellers, properties, and TIC entities. Of course, this deal would not have been possible without the diligence, trust, and support of our investors. Thank you all and happy holidays! #realestate #investing #multifamily #privateequity

As discussed in our latest newsletter, we like underappreciated, "large tertiary" markets. Average cumulative rent growth from 2020-2023 was practically identical between (A) Roanoke, VA and Columbia, SC and (B) Charlotte, Raleigh, Charleston, Greenville (SC), and Richmond. Even so, investors paid >55% more per dollar of rent in the latter Group B. Buying in tertiary markets requires discipline and prudence. The market isn't perfect, but it's also not stupid. Group B truly is more valuable than Group A. We just don't think it's more than twice as valuable on average, which is how much more an apartment in Group B cost from 2020-2023. #realestate #investing #multifamily #privateequity

We are pleased to announce Sweetbay Capital's second exit with this week's sale of Briskwood Place for >50% more than we paid for it ~18 months ago. Sale proceeds and distributions to date represent >80% of the total equity invested in the combined acquisition of Langdon and Briskwood last February, and Langdon’s recent $4.1mm appraisal implies ~1.2x in remaining equity value (~2.0x cumulatively). Check out our latest newsletter in the comments for details! #realestate #investing #multifamily #privateequity

Thanks Isaac Weinberger for hosting Sweetbay Capital co-founder Mac Shelton on the latest episode of your podcast! #realestate #investing #multifamily #privateequity

It's hard to believe 2024 is almost halfway over, but it's been a great year so far at Sweetbay Capital! Check out our May 2024 Newsletter in the comments to read about what we've been up to and get our take on the current state of the market. Don't forget to hit "Subscribe" to join the list for future updates! #realestate #investing #multifamily #privateequity

We are pleased to announce Sweetbay’s acquisition of Woodbridge Townhomes, a 60-unit, townhome-style apartment community in Winston-Salem, NC!   This is Sweetbay’s 5th property and our 1st in North Carolina, bringing our active portfolio to 191 units. It’s also our first closing with Michael Deaton and "T." Furlow, whose diligence and expertise were invaluable in helping source and close this promising opportunity.   Our strong ~$61/sqft cost basis was partially financed with assumable debt at a fixed rate of only 3.58%. Planned improvements include new exterior paint, a fully resurfaced parking lot, elevated landscaping, new signage, a new playground, and modern interior renovations. The property will be rebranded "Brookside Townhomes".   As always, thank you to all of our investors for making this possible and for your continued support in growing our presence across NC, SC, and VA. Special thanks to David Miller and Ashley Summey of Longleaf Law Partners and to Anthony B. Thompson, Jr. at Southeast Affordable Housing Administration for your impressive work on this complex transaction.   If you’d like to partner with Sweetbay on our next project, be sure to click the “Register” button on our page (Sweetbay Capital) to join our investor list!   #realestate #investing #multifamily #privateequity

Last year, we noted that consensus estimates are often wrong. A year later, this has proven true yet again. There have been no rate cuts and 1, 3, and 5-year Treasury yields are significantly higher than they were a year ago. We cannot predict the future, so we focus on driving returns with controllable inputs like cost basis and NOI growth vs. betting on unpredictable macroeconomic events. If you'd like to participate in Sweetbay's next project, be sure to click the "Register" button on our page (Sweetbay Capital) for access to future opportunities! #realestate #investing #multifamily #privateequity

Sweetbay purchased Briskwood Place in February 2023 with plans to renovate all 15 units and hold for 4 years. We've since been blown away by its outperformance.   NOI is already ahead of our Year 4 projections after just 13 months and 7/15 units renovated thanks to exceptionally strong demand in this supply-constrained market. Consequently, we are preparing to list the property for sale ~3 years ahead of schedule!   Those preparations included the completion of a more extensive renovation on one unit to prove out the asset’s full potential, and we couldn’t be happier with the results!   Interested parties are encouraged to contact our listing broker, Clay Taylor, for further information.   If you would like to partner with us on future transformations like this, just click the “Register” button on our page (Sweetbay Capital) to join our distribution list!   #realestate #investing #multifamily #privateequity  

Thanks Whitney Sewell and Life Bridge Capital for hosting Sweetbay Capital co-founder Tucker Thompson on a recent episode on the Real Estate Syndication Show! Check out the episode in the comments and click the Register button on our page (Sweetbay Capital) to see our upcoming investment opportunities!

Thanks Joe Fairless and Best Ever CRE for hosting Sweetbay Capital co-founder Mac Shelton on a recent episode of the Best Real Estate Investing Advice Ever podcast! Check out the episode in the comments and click the Register button on our page (Sweetbay Capital) to see our upcoming investment opportunities!