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150Rent_Roll_2026.xlsx(Page 2)
Reviewed by Maya Whitman · 2 days ago
154233_Spring_OM_Draft.pdf(Page 12)
Extracted by Lev Agent
2 sources for Units
150Rent_Roll_2026.xlsx(Page 2)
Reviewed by Maya Whitman · 2 days ago
154233_Spring_OM_Draft.pdf(Page 12)
Extracted by Lev Agent
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/ Equity Raise Offering Memorandum
/ Equity Raise Offering Memorandum
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/ Equity Raise Offering Memorandum
Equity Request
Westfield Capital is pleased to present an exclusive equity investment opportunity in Harbor Point Plaza, a 120-unit mid-rise multifamily asset located in a prime submarket. The sponsor is seeking $11,455,750 in limited partner equity to support the acquisition and value-add repositioning of this institutional-quality property. With over $2B in multifamily and mixed-use projects completed across the U.S., Westfield Capital brings a proven track record of delivering long-term value to investors.
Harbor Point Plaza is an 8-story, 100,000 SF multifamily property currently operating at 94% occupancy with 113 units leased. The property generates $2.2M in-place NOI at an 8.6% cap rate, with a current valuation of $25.5M. The investment structure is common equity with a 5-year target hold period, featuring quarterly distributions and an 8.0% preferred return. The capital structure includes $16.575M in senior debt at 65% LTV alongside $12.96M total equity, with the sponsor contributing $1.5M (11.6% co-investment).
This offering targets a 14.0% levered IRR and 1.92x equity multiple for limited partners, with stabilized cash-on-cash returns of 8.4%. The promote structure provides 70/30 LP/GP split above the 8% preferred return and 50/50 above 15% IRR. With a minimum investment of $100,000, target close in Q2 2026, and projected disposition in Q2 2031, this represents a compelling opportunity to invest alongside an experienced sponsor in a well-positioned multifamily asset. Contact us today to receive the full investment package.
94% occupancy with 113 of 120 units leased and $2.2M in-place NOI generating an 8.6% cap rate on current basis.
120-unit, 8-story mid-rise multifamily with fee simple ownership in a high-demand San Diego submarket.
Target 14.0% levered IRR and 8.4% stabilized cash-on-cash return with $18,409 NOI per unit annually.
100,000 SF of rentable space with 833 SF average units, recently renovated 2019-2022 with modern finishes.
Harbor Point Plaza presents a compelling value-add investment opportunity with a total equity raise of $11,455,750. The Sponsor demonstrates strong alignment with a $1,500,000 co-investment representing 11.6% of total equity. The investment is structured as Common Equity with a 5-year target hold period, featuring an 8.0% preferred return and a 70/30 LP/GP promote structure above the preferred return, escalating to 50/50 above 15% IRR.
| Term | Details |
|---|---|
| Total Equity Raise | $11,455,750 |
| Sponsor Co-Investment | $1,500,000 (11.6%) |
| Minimum Investment | $100,000 |
| Investment Structure | Common Equity |
| Target Hold Period | 5 Years |
| Preferred Return | 8.0% |
| Promote Structure | 70/30 LP/GP above 8% pref; 50/50 above 15% IRR |
| Distribution Frequency | Quarterly |
| Metric | Target |
|---|---|
| Target IRR (Levered) | 14.0% |
| Target Equity Multiple | 1.92x |
| Target Cash-on-Cash (Stabilized) | 8.4% |
| Sources | Amount | % |
|---|---|---|
| Senior Debt (65% LTV) | $16,575,000 | 56.1% |
| Mezzanine Debt | $0 | 0.0% |
| Sponsor Equity | $1,500,000 | 5.1% |
| LP Equity (This Raise) | $11,455,750 | 38.8% |
| Total Sources | $29,530,750 | 100.0% |
| Uses | Amount | % |
|---|---|---|
| Acquisition Price | $25,500,000 | 86.4% |
| Closing Costs | $382,500 | 1.3% |
| CapEx / Renovation | $2,750,000 | 9.3% |
| Operating Reserves | $350,000 | 1.2% |
| Financing Costs | $165,750 | 0.6% |
| Acquisition Fee | $382,500 | 1.3% |
| Total Uses | $29,530,750 | 100.0% |
Total Units
120
Occupancy
94%
Year Built
2005
| Attribute | Details |
|---|---|
| Address | 322 8th Avenue, San Diego, CA 92101 |
| Year Built / Renovated | 2005 / 2019-2022 |
| Stories | 8 |
| Total Units | 120 |
| Rentable SF | 100,000 SF |
| Average Unit Size | 833 SF |
| Ownership | Fee Simple |
T-12 NOI
$2,209,053
Cap Rate
8.6%
NOI/Unit
$18,409
| Income Item | T-12 Total | Per Unit |
|---|---|---|
| Gross Potential Rent | $4,125,000 | $34,375 |
| Vacancy & Credit Loss | ($297,000) | ($2,475) |
| Other Income | $156,900 | $1,308 |
| Effective Gross Income | $3,984,900 | $33,208 |
| Total Operating Expenses | ($1,775,847) | ($14,799) |
| Net Operating Income | $2,209,053 | $18,409 |
| Expense Category | T-12 Total | Per Unit | % of Total |
|---|---|---|---|
| Payroll & Benefits | $471,000 | $3,925 | 26.5% |
| Repairs, Maintenance & Other | $378,300 | $3,153 | 21.3% |
| Utilities | $321,000 | $2,675 | 18.1% |
| Real Estate Taxes | $264,000 | $2,200 | 14.9% |
| Insurance | $150,000 | $1,250 | 8.4% |
| Management Fee (3%) | $119,547 | $996 | 6.7% |
| Marketing & Professional | $72,000 | $600 | 4.1% |
| Total Operating Expenses | $1,775,847 | $14,799 | 100.0% |
Target LP IRR
14.0%
Equity Multiple
1.92x
Stabilized CoC
8.4%
| Year | LP Cash Flow (70%) | Cumulative |
|---|---|---|
| Year 1 | ($338,828) | ($338,828) |
| Year 2 | ($112,956) | ($451,784) |
| Year 3 | $899,500 | $447,716 |
| Year 4 | $956,284 | $1,404,000 |
| Year 5 (Operating) | $1,014,907 | $2,418,907 |
| Year 5 (Sale Proceeds) | $19,534,348 | $21,953,255 |
| Total LP Cash Flow | $20,549,255 | - |
Subject Price/Unit
$212,500
Market Avg Cap Rate
5.6%
Subject Cap Rate
8.6%
| Property | Sale Date | Sale Price | Units | Price/Unit | Cap Rate |
|---|---|---|---|---|---|
| Skyline Apartments | Jun-24 | $42,500,000 | 185 | $229,730 | 5.2% |
| Harbor View Towers | Mar-24 | $31,200,000 | 142 | $219,718 | 5.5% |
| The Vue at Coral Gables | Nov-23 | $28,750,000 | 125 | $230,000 | 5.8% |
| Wynwood Arts Residences | Aug-23 | $38,900,000 | 168 | $231,548 | 5.1% |
| Coconut Grove Flats | May-23 | $22,800,000 | 98 | $232,653 | 6.2% |
| Harbor Point Plaza (Subject) | Current | $25,500,000 | 120 | $212,500 | 8.6% |
Located at 322 8th Avenue in San Diego, the property sits within a strong multifamily submarket with convenient access to employment centers and coastal amenities.
Excellent accessibility via major thoroughfares connecting to Downtown San Diego, San Diego International Airport, and surrounding employment centers. Public transit options provide convenient commuting alternatives.
Proximity to neighborhood retail corridors, dining, and entertainment venues that enhance the lifestyle appeal for residents.
Proximity to major employment hubs including Downtown San Diego, UTC, and the growing life sciences corridor, providing residents convenient access to diverse career opportunities.
San Diego County benefits from a diversified economy with defense, healthcare, technology, and tourism sectors driving sustained employment growth.
Florida continues to attract domestic migration due to no state income tax, favorable business climate, and quality of life.
Subject property maintains 94% occupancy (113 of 120 units), reflecting strong tenant demand in the submarket.
Recent comparable sales demonstrate cap rates of 5.1%-6.2%, indicating strong investor appetite for San Diego multifamily.
Westfield Capital brings a track record with over $2 billion in completed projects across the United States, demonstrating institutional-quality execution across luxury multifamily opportunities. Their specialized focus on multifamily and mixed-use developments encompasses leading large-scale, record-breaking development projects.
The Lofts is a 245-unit mid-rise in Houston's Montrose with ground-floor retail, quartz countertops, in-unit W/D, rooftop lounge, and pool. Stabilized at 94% occupancy within 12 months.
Fairway Heights is a 312-unit high-rise in Houston's Midtown with rooftop infinity pool, indoor golf simulator, and floor-to-ceiling windows. Delivered in 2023, stabilized at 92% within 10 months.
Kop Condominiums is a 278-unit high-rise in Houston's Galleria area with private balconies, elevated pool deck, and ground-floor retail including Café Luna. Stabilized at 95% within 9 months.
Westfield Capital's leadership team brings decades of combined experience across acquisitions, development, and asset repositioning with proven ability to deliver results in challenging market conditions.
Managing Partner
Adam Hayes built his reputation by turning around struggling portfolios into market leaders. Known for tactical vision, he has a track record of restructuring teams and projects into top performers across Westfield Capital's multifamily platform.
Head of Acquisitions
Jordan Kim leads acquisitions for Westfield Capital, including the $220M purchase of a stabilized Class A multifamily portfolio in Dallas and a $300M joint venture for a Manhattan high-rise.
Director of Development
Morgan Lee has delivered ground-up multifamily towers and adaptive reuse projects nationwide, including a $120M luxury tower and a 400-unit loft conversion in a historic warehouse.
/ Equity Raise Offering Memorandum
Equity Request
Westfield Capital is pleased to present an exclusive equity investment opportunity in Harbor Point Plaza, a 120-unit mid-rise multifamily asset located in a prime submarket. The sponsor is seeking $11,455,750 in limited partner equity to support the acquisition and value-add repositioning of this institutional-quality property. With over $2B in multifamily and mixed-use projects completed across the U.S., Westfield Capital brings a proven track record of delivering long-term value to investors.
Harbor Point Plaza is an 8-story, 100,000 SF multifamily property currently operating at 94% occupancy with 113 units leased. The property generates $2.2M in-place NOI at an 8.6% cap rate, with a current valuation of $25.5M. The investment structure is common equity with a 5-year target hold period, featuring quarterly distributions and an 8.0% preferred return. The capital structure includes $16.575M in senior debt at 65% LTV alongside $12.96M total equity, with the sponsor contributing $1.5M (11.6% co-investment).
This offering targets a 14.0% levered IRR and 1.92x equity multiple for limited partners, with stabilized cash-on-cash returns of 8.4%. The promote structure provides 70/30 LP/GP split above the 8% preferred return and 50/50 above 15% IRR. With a minimum investment of $100,000, target close in Q2 2026, and projected disposition in Q2 2031, this represents a compelling opportunity to invest alongside an experienced sponsor in a well-positioned multifamily asset. Contact us today to receive the full investment package.
94% occupancy with 113 of 120 units leased and $2.2M in-place NOI generating an 8.6% cap rate on current basis.
120-unit, 8-story mid-rise multifamily with fee simple ownership in a high-demand San Diego submarket.
Target 14.0% levered IRR and 8.4% stabilized cash-on-cash return with $18,409 NOI per unit annually.
100,000 SF of rentable space with 833 SF average units, recently renovated 2019-2022 with modern finishes.
Harbor Point Plaza presents a compelling value-add investment opportunity with a total equity raise of $11,455,750. The Sponsor demonstrates strong alignment with a $1,500,000 co-investment representing 11.6% of total equity. The investment is structured as Common Equity with a 5-year target hold period, featuring an 8.0% preferred return and a 70/30 LP/GP promote structure above the preferred return, escalating to 50/50 above 15% IRR.
| Term | Details |
|---|---|
| Total Equity Raise | $11,455,750 |
| Sponsor Co-Investment | $1,500,000 (11.6%) |
| Minimum Investment | $100,000 |
| Investment Structure | Common Equity |
| Target Hold Period | 5 Years |
| Preferred Return | 8.0% |
| Promote Structure | 70/30 LP/GP above 8% pref; 50/50 above 15% IRR |
| Distribution Frequency | Quarterly |
| Metric | Target |
|---|---|
| Target IRR (Levered) | 14.0% |
| Target Equity Multiple | 1.92x |
| Target Cash-on-Cash (Stabilized) | 8.4% |
| Sources | Amount | % |
|---|---|---|
| Senior Debt (65% LTV) | $16,575,000 | 56.1% |
| Mezzanine Debt | $0 | 0.0% |
| Sponsor Equity | $1,500,000 | 5.1% |
| LP Equity (This Raise) | $11,455,750 | 38.8% |
| Total Sources | $29,530,750 | 100.0% |
| Uses | Amount | % |
|---|---|---|
| Acquisition Price | $25,500,000 | 86.4% |
| Closing Costs | $382,500 | 1.3% |
| CapEx / Renovation | $2,750,000 | 9.3% |
| Operating Reserves | $350,000 | 1.2% |
| Financing Costs | $165,750 | 0.6% |
| Acquisition Fee | $382,500 | 1.3% |
| Total Uses | $29,530,750 | 100.0% |
Total Units
120
Occupancy
94%
Year Built
2005
| Attribute | Details |
|---|---|
| Address | 322 8th Avenue, San Diego, CA 92101 |
| Year Built / Renovated | 2005 / 2019-2022 |
| Stories | 8 |
| Total Units | 120 |
| Rentable SF | 100,000 SF |
| Average Unit Size | 833 SF |
| Ownership | Fee Simple |
T-12 NOI
$2,209,053
Cap Rate
8.6%
NOI/Unit
$18,409
| Income Item | T-12 Total | Per Unit |
|---|---|---|
| Gross Potential Rent | $4,125,000 | $34,375 |
| Vacancy & Credit Loss | ($297,000) | ($2,475) |
| Other Income | $156,900 | $1,308 |
| Effective Gross Income | $3,984,900 | $33,208 |
| Total Operating Expenses | ($1,775,847) | ($14,799) |
| Net Operating Income | $2,209,053 | $18,409 |
| Expense Category | T-12 Total | Per Unit | % of Total |
|---|---|---|---|
| Payroll & Benefits | $471,000 | $3,925 | 26.5% |
| Repairs, Maintenance & Other | $378,300 | $3,153 | 21.3% |
| Utilities | $321,000 | $2,675 | 18.1% |
| Real Estate Taxes | $264,000 | $2,200 | 14.9% |
| Insurance | $150,000 | $1,250 | 8.4% |
| Management Fee (3%) | $119,547 | $996 | 6.7% |
| Marketing & Professional | $72,000 | $600 | 4.1% |
| Total Operating Expenses | $1,775,847 | $14,799 | 100.0% |
Target LP IRR
14.0%
Equity Multiple
1.92x
Stabilized CoC
8.4%
| Year | LP Cash Flow (70%) | Cumulative |
|---|---|---|
| Year 1 | ($338,828) | ($338,828) |
| Year 2 | ($112,956) | ($451,784) |
| Year 3 | $899,500 | $447,716 |
| Year 4 | $956,284 | $1,404,000 |
| Year 5 (Operating) | $1,014,907 | $2,418,907 |
| Year 5 (Sale Proceeds) | $19,534,348 | $21,953,255 |
| Total LP Cash Flow | $20,549,255 | - |
Subject Price/Unit
$212,500
Market Avg Cap Rate
5.6%
Subject Cap Rate
8.6%
| Property | Sale Date | Sale Price | Units | Price/Unit | Cap Rate |
|---|---|---|---|---|---|
| Skyline Apartments | Jun-24 | $42,500,000 | 185 | $229,730 | 5.2% |
| Harbor View Towers | Mar-24 | $31,200,000 | 142 | $219,718 | 5.5% |
| The Vue at Coral Gables | Nov-23 | $28,750,000 | 125 | $230,000 | 5.8% |
| Wynwood Arts Residences | Aug-23 | $38,900,000 | 168 | $231,548 | 5.1% |
| Coconut Grove Flats | May-23 | $22,800,000 | 98 | $232,653 | 6.2% |
| Harbor Point Plaza (Subject) | Current | $25,500,000 | 120 | $212,500 | 8.6% |
Located at 322 8th Avenue in San Diego, the property sits within a strong multifamily submarket with convenient access to employment centers and coastal amenities.
Excellent accessibility via major thoroughfares connecting to Downtown San Diego, San Diego International Airport, and surrounding employment centers. Public transit options provide convenient commuting alternatives.
Proximity to neighborhood retail corridors, dining, and entertainment venues that enhance the lifestyle appeal for residents.
Proximity to major employment hubs including Downtown San Diego, UTC, and the growing life sciences corridor, providing residents convenient access to diverse career opportunities.
San Diego County benefits from a diversified economy with defense, healthcare, technology, and tourism sectors driving sustained employment growth.
Florida continues to attract domestic migration due to no state income tax, favorable business climate, and quality of life.
Subject property maintains 94% occupancy (113 of 120 units), reflecting strong tenant demand in the submarket.
Recent comparable sales demonstrate cap rates of 5.1%-6.2%, indicating strong investor appetite for San Diego multifamily.
Westfield Capital brings a track record with over $2 billion in completed projects across the United States, demonstrating institutional-quality execution across luxury multifamily opportunities. Their specialized focus on multifamily and mixed-use developments encompasses leading large-scale, record-breaking development projects.
The Lofts is a 245-unit mid-rise in Houston's Montrose with ground-floor retail, quartz countertops, in-unit W/D, rooftop lounge, and pool. Stabilized at 94% occupancy within 12 months.
Fairway Heights is a 312-unit high-rise in Houston's Midtown with rooftop infinity pool, indoor golf simulator, and floor-to-ceiling windows. Delivered in 2023, stabilized at 92% within 10 months.
Kop Condominiums is a 278-unit high-rise in Houston's Galleria area with private balconies, elevated pool deck, and ground-floor retail including Café Luna. Stabilized at 95% within 9 months.
Westfield Capital's leadership team brings decades of combined experience across acquisitions, development, and asset repositioning with proven ability to deliver results in challenging market conditions.
Managing Partner
Adam Hayes built his reputation by turning around struggling portfolios into market leaders. Known for tactical vision, he has a track record of restructuring teams and projects into top performers across Westfield Capital's multifamily platform.
Head of Acquisitions
Jordan Kim leads acquisitions for Westfield Capital, including the $220M purchase of a stabilized Class A multifamily portfolio in Dallas and a $300M joint venture for a Manhattan high-rise.
Director of Development
Morgan Lee has delivered ground-up multifamily towers and adaptive reuse projects nationwide, including a $120M luxury tower and a 400-unit loft conversion in a historic warehouse.
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