REAL ESTATE PRIVATE EQUITY

FOCUSED INVESTING. SUPERIOR RETURNS.

56 PROJECTS,16 STATES,$1.48 BILLION

Legacy Capital Partners is a real estate private equity firm founded in 2004. Our ability to create value and achieve superior returns for our investors rests on five fundamental beliefs:

  • 1Investment strategies have a shelf life. That is why we invest with strategies that work now and can be deployed quickly.
  • 2It’s all about the fundamentals. We are real estate professionals experienced in finance rather than finance professionals investing in real estate.
  • 3Relationships matter. Great investments are made with great partners whose capacity and ethics make all the difference.
  • 4Risk is reduced by having a defined and consistent process for how investment opportunities are analyzed.
  • 5Managing other people’s money requires strong internal systems and controls.  We take our role as a fiduciary seriously.

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Our Strategy

Middle market real estate investors, deploying capital nationally through a series of focused funds with targeted strategies.

We focus on secondary markets and filter opportunities based on the partner, the location, and the investment’s ability to generate annual yield and capital appreciation.

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Our Offerings

Individual Investment Offerings

    • 612-bed student housing complex
    • University of South Florida (Tampa, FL)
    • $100,000 minimum investment
    • 8.5%+ annual yield, 1.65X equity in 5 years
    • Click here to request a PPM
    • $3.468 million raised
    • 8.1%+ annual yield, 1.66X equity in 5 years
    • 500-unit apartment complex
    • Durham, NC
  • paradiso-at-the-hammocks
    • $4.39 million raised
    • 8.0%+ annual yield, 1.70X equity in 5 years
    • 424-unit apartment complex
    • Miami, FL
  • university-orchard
    • $2.85 million raised
    • 8.0%+ annual yield, 2.05X equity in 7 years
    • 648-bed student housing complex
    • Salisbury University (Salisbury, MD)
  • the-reserve-closed
    • $1.96 million raised
    • 8.0%+ annual yield, 1.75X equity in 5 years
    • 354-unit apartment complex
    • Atlanta, GA
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Multi-asset Investment Offering

  • fund-iv-partners
    • Portfolio of multiple assets
    • $500,000 minimum commitment
    • Geographic and Operator diversification
    • Current income and capital appreciation
    • Learn more about our next 50Fund®
    • Initial Closing April 2016
    • $50,000,000 raised / $48,524,098 invested to date
    • 13 multifamily assets / 3,653 units to date
    • Total cost basis $447.5 million
    • 8% annual yield paid current since inception
  • fund-iv-closed-2
    • Initial closing 2013 / fully invested 2015
    • $39,065,000 raised / $39,756,600 invested
    • Nine multifamily assets / 2,598 units
    • Total cost basis +$245 million
    • 8% annual yield paid current since inception

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Our Process

Our investment process is from the ground up and begins in the trenches, as you would expect from an investment manager with deep roots in real estate development. We strive to reduce the probability of investment errors through a defined sequence of actions; our investment process is the same regardless of fund strategy. It’s what differentiates us from other managers.


Click here to learn more about our process.

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50Fund® Investing

“Legacy Capital Partners didn’t set out to create a new asset class, although that may very well be the by-product of our thinking.”

David St. Pierre | Co-Founder and President

There is a real possibility that Legacy Capital Partners’ 50Fund® investment model will change how many investors allocate capital. Fund Managers are constantly told that in order to attract larger investors and raise more capital, they need to raise bigger funds.

At Legacy Capital Partners we believe that bigger funds are not necessarily better. Raising 50 million dollars per fund allows us to systematically deploy capital into focused investment strategies. It eliminates the pressure to chase deals to “get the dollars out.” 50Fund® Investing provides our investors a single stop for deploying significant capital into real estate through a menu of multiple funds with specific strategies designed to take advantage of timely opportunities in the market.


Click here to learn more about Legacy’s next 50Fund®.

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Our Team

A partner  with capital, not just a capital partner. The team at Legacy Capital Partners has over 100 years of collective experience in the commercial real estate industry, combining extensive backgrounds in real estate development, management, real estate finance, accounting, and law.

Mitchell C. Schneider
Co-Founder and Chairman
Mitchell brings over 25 years of real estate development and legal expertise to Legacy Capital Partners. After practicing real estate law for approximately five years, Mitchell went on to found First Interstate Properties, Ltd., in Lyndhurst, Ohio. As the President and Chairman of the Board of Directors, he directed the company’s growth into a full-service retail real estate development firm that developed over four million square feet of retail space and manages a portfolio of retail and industrial properties of over five million square feet. In March, 2010, Mr. Schneider was appointed to the four-member Investment Committee for National Real Estate Advisors, a multi-billion dollar real estate investment fund manager formerly known as the National Electricians Benefit Fund. Mitchell received his J.D. degree, cum laude, from The College of Law at The Ohio State University as well as a B.A. degree, with honors, in International Political Economics, also from Ohio State.

David St. Pierre
Co-Founder and Managing Director
David has focused his entire 20-year career on the real estate debt and capital markets, primarily as an institutional real estate lender and investor on a national basis. He has worked with numerous developers and real estate professionals across the country to provide senior and mezzanine debt and equity capital from his current role with Legacy Capital Partners in addition to his previous management positions at KeyBank and Bank One. Prior to co-founding Legacy Capital Partners in 2004, he was a Senior Vice President and acquisition banker with KeyBank Real Estate Capital’s Private Equity Group. In this capacity, he actively identified, underwrote, structured and closed equity and mezzanine investments in a broad range of properties on a national basis. David received his B.A. degree, cum laude, from Ohio Wesleyan University and his MBA degree from Cleveland State University.

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Our Offerings

University LinQ North & South

Legacy Capital Partners (“Legacy”) has created LAC Campus Club LLC ("Company") to provide accredited investors the opportunity to invest in University LinQ (formerly known as Campus Club), a two-property, 612-bed (156-unit) purpose-built student housing complex serving the University of South Florida in Tampa, FL. (“University LinQ”). University LinQ represents an opportunity to invest in a well-located and well-occupied (97.55%) student housing property that will provide stable in-place cash fl ow and value appreciation through increased rental rates tied to operational improvements and minor common area renovations.

Legacy entered into a joint venture with CF Real Estate Services ("CFRES") to acquire University LinQ on May 1, 2018. This represents the eighth joint venture between Legacy and CFRES. The purchase price was $31,000,000 and the total cost, including $3,250,000 for renovations, contingencies and closing costs, was $34,250,000. This represents a purchase price of $50,600 / bed and a total cost of $55,964 /bed which compares favorably to recent comparable sales in the market. The acquisition and renovation were capitalized with a loan in the amount of $23,850,000 and equity in the amount of $10,400,000. Legacy invested $8,320,000 and CFRES and its affiliates invested the remaining $2,080,000.

The investment strategy is to aggressively manage the operations and lease renewals for the 2018-2019 academic year. After closing, while pre-leasing continues, funds have been capitalized into the budget to make meaningful improvements to the clubhouse and amenities including enhancements to the pool areas, both clubhouses (including furniture, gym equipment, study areas and adding a dog wash station). With the exception of curing deferred maintenance items and installing low fl ow toilets in each bathroom, there are very few improvements planned for the unit interiors at this time. These common area amenity improvements and more experienced management should allow University LinQ to achieve the underwritten 3.0% annual rent increase. As increased, University LinQ's rents will remain measurably below the new and newer properties in the market while offering comparable amenities and fl oorplans with slightly inferior interiors. We expect CFRES' operational expertise, combined with steady enrollment levels, to allow the joint venture to achieve the modest underwritten rent increases during the investment period. During the initial two academic years, rents are projected to be increased by $18/bed and $19/bed, respectively. The planned renovations and operating improvements should allow University LinQ to compete with comparable properties and generate the projected financial performance.

The Company is offering 67.728 Membership Units for an aggregate purchase price of $3,386,400, or $50,000 per Membership Unit. The minimum investment will be two (2) Membership Units for an aggregate purchase price of $100,000 and the maximum investment will be seven (7) Membership Units for an aggregate purchase price of $350,000. However, the Manager may, in its sole discretion, accept investments for less than two (2) Membership Units or great than seven (7) Membership Units. Investors will receive an 8.0% preferred return on their invested capital paid from net cash fl ow, refinance proceeds and/or sale proceeds. After the preferred return is paid current, investors will receive 80% of excess net cash fl ow. Once the preferred return is paid current and 100% of the investors' capital has been returned, the investors will receive 80% of excess refinance and/or sale proceeds.

To request a Private Placement Memorandum please contact us at legacy@LCP1.com or 216-381-2303.

Highlights

  • Well located and fully amenitized purpose-built student housing community with midmarket rents.
  • Strong historical performance despite poor onsite management and a growing need for capital expenditures.
  • Well located one half mile from campus (20 minute walk/10 minute bike ride to the student center located in the center of campus).
  • Strong in-place cash flows with upside.
  • Experienced Joint Venture partner and student housing management company.

Returns

The returns below assume a 5 year investment period and a sale at $63,880 per unit.
  • The average annual cash yield is projected to be approximately 8.5%
  • An initial investment of $100,000 is projected to generate a total return of $165,000
  • 65% of the return on investment is projected to be derived from cash flow