Marina Point Apartments
The seating area of an apartment with a white couch, blue love seat and blue arm chair. There is a glass coffee table and blue, black and gold abstract art on the gray walls.
Apartment Dining Room with gray walls, a gray marble table, four blue chairs and blue and white art work hung on the wall.

Marina Point Apartments is a 104-unit multi-family apartment complex located in Chesapeake, Virginia.

In 2020, this Project was purchased for approximately $9,250,000 through a combination of debt financing together with approximately $2,800,000 from a syndicate of 41 private equity investors. Through the application of a “value add” strategy, after 9 months of ownership this Project now has a new estimated assessed value of approximately $11,000,000.

The main “value add” strategy employed in this Project has been renovating the interior quality of units, upgrading and replacing structural items like the roof, and raising newly-renovated unit rents to market value.

As of February 2021, this Project has distributed approximately $84,000 to its investors delivering an annualized return of approximately 6.00%.


Tristan Townhomes

Tristan Townhomes is a 112 unit apartment complex located in Garden City, Georgia, a suburb of Savannah. In 2020, this Project was purchased for approximately $3,900,000 through a combination of debt financing together with approximately $2,500,000 from a syndicate of 42 private equity investors. Through application of a “value add” strategy, after 4 months of ownership this Project now has a new estimated assessed value of approximately $4,200,000. The main “value add” strategy employed in this Project has been providing a facelift to the exterior of the buildings and grounds, installing security measures like additional fencing and security cameras, and raising rents to market value. As of February 2021, this Project has distributed approximately $42,000 to its investors, delivering an annualized return of approximately 8.28%. Notwithstanding, investor interests in this project are restricted, illiquid and may not be readily sold now or in the foreseeable future.


Colonial Landing Apartments

Colonial Landing Apartments is a 92 unit apartment complex located in Hampton, Virginia.

In 2020, this Project was purchased for approximately $6,150,000 through a combination of debt financing together with approximately $2,500,000 from a syndicate of 31 private equity investors.

The main “value add” strategy to be employed in this project will be providing a facelift to the exterior of the buildings and grounds, installing security measures like additional fencing and security cameras, and raising rents to market value.

As of February 2021, this project has not yet distributed any returns on investment to its investors.


8426 Tidewater Drive

8426 Tidewater Drive is a 20 unit apartment complex located in Norfolk, Virginia. In 2020, this Project was purchased by Uptime LLC, an affiliate of Mr. Capon’s, for approximately $975,000 through a combination of debt financing together with approximately $275,000 from a syndicate of 3 private equity investors and was quickly improved physically and a professional management company was hired. Additional planned major capital expenditures include a new roof, siding, exterior painting, and complete interior renovation of 8 units to include flooring, paint, new cabinets, stainless steel appliances, and updated fixtures. The average monthly rent at the time of acquisition was $550 per unit. After renovation, the units now rent for an average of $800 per month. Due to the increased monthly cash flow and value, Mr. Capron recently sold his equity stake in Uptime LLC to his partner based on a Project valuation of $1,500,000.


Hillside North Apartments

Hillside North Apartments is a 30 unit apartment complex located in Norfolk, Virginia. In 2018, this Project was purchased as part of an 108 unit split site portfolio consisting of 5 separate property development sites, including Hillside South Apartments, 9530 3rd Bay Street, and 2707-9 Azalea Garden Road (see below). The entire property portfolio was purchased for approximately $3,950,000 through a combination of debt financing together with approximately $300,000 from a syndicate of 5 private equity investors for this particular property. The “as-is” appraisal at the time of purchase was $5,500,000. The main “value add” strategy employed in this Project has been renovating the interior quality of units, upgrading or replacing major infrastructure items like the roof and raising renovated unit rents to market value. This Project was recently refinanced to allow the partners to recover most of their invested capital while retaining their equity ownership. Notwithstanding, investor interests in this project are restricted, illiquid and may not be readily sold now or in the foreseeable future.


Hillside South Apartments

Hillside South Apartments is a 12 unit apartment complex located in Norfolk, Virginia. In 2018, this Project was purchased as part of an 108 unit split site portfolio consisting of 5 separate property development sites, including Hillside North Apartments and 2707-9 Azalea Garden Road (see above and below). The entire property portfolio was purchased for approximately $3,950,000 through a combination of debt financing together with approximately $200,000 from a syndicate of 5 private equity investors for this particular property. The “as-is” appraisal at the time of purchase was $5,500,000. The main “value add” strategy employed in this Project has been renovating the interior quality of units, upgrading or replacing major infrastructure items like the roof and raising renovated unit rents to market value. This Project was recently refinanced to allow the partners to recover most of their invested capital while retaining their equity ownership. Notwithstanding, investor interests in this project are restricted, illiquid and may not be readily sold now or in the foreseeable future.


9530 3rd Bay Street

9530 3rd Bay Street is a 12 unit apartment complex located in Norfolk, Virginia. In 2018, this Project was purchased as part of an 108 unit split site portfolio consisting of 5 separate property development sites, including Hillside North Apartments, Hillside South Apartments, and 2707-9 Azalea Garden Road (see above and below). The entire property portfolio was purchased for approximately $3,950,000 through a combination of debt financing together with approximately $150,000 from a syndicate of 5 private equity investors for this particular property. The “as-is” appraisal at the time of purchase was $5,500,000. The main “value add” strategy employed in this Project has been renovating the interior quality of units, upgrading or replacing major infrastructure items like the roof and raising renovated unit rents to market value. This Project was recently refinanced to allow the partners to recover most of their invested capital while retaining their equity ownership. Unlike the Hillside North and Hillside South Projects, this building was repositioned to mimic more upscale assets in the area. Capital improvements included a new roof, windows, stacked stone accents, vinyl siding, and rebuilding of the exterior wooden stairs, soft close cabinets, granite countertops, stainless steel appliances, and added dishwasher and microwave that were not present previously. The monthly rents at this building averaged $700 per unit at the time of acquisition. Currently this Project is 100% occupied and the average rent per unit is now $1,100 per month. Notwithstanding, investor interests in this project are restricted, illiquid and may not be readily sold now or in the foreseeable future.


771-781 Sheppard Ave

771-781 Sheppard Avenue comprises 13 apartment units located in Norfolk, Virginia. In 2017, this Project was purchased by Mr. Capron individually for approximately $910,000. The main “value add” strategy employed for this Project has been renovating the interior quality of units, upgrading or replacing structural items like the roof, and raising renovated unit rents to market value. Mr. Capron recently received a letter of intent to purchase the Project for $1,000,000. Mr. Capron has not yet decided whether to accept the offer.


Ridge View Apartments

Ridge View Apartments is a 64 unit apartment complex located in Richmond, Virginia. In 2019, this Project was purchased for approximately $1,750,000 through a combination of debt financing together with approximately $500,000 from a syndicate of 11 private equity investors for this particular property and currently has an unsolicited off market letter of intent for $2,560,000. The main “value add” strategy employed for this Project has been renovating the interior quality of units, upgrading/replacing structural like the roof and raising renovated unit rents to market value. A utility charge has also been implemented to reduce owner paid utilities. Investor interests in this project are restricted, illiquid and may not be readily sold now or in the foreseeable future.


LaBrook Apartments

LaBrook Apartments is an 18 unit apartment complex located in Richmond, Virginia. In 2019, this Project was purchased for approximately $700,000 through a combination of debt financing together with approximately $250,000 from a syndicate of 11 private equity investors for this particular property and currently has a broker opinion valuation of $1,250,000. In order to achieve this increase in value, mini split HVAC units were installed to replace window units, interior units were upgraded, and management efficiencies were implemented to increase rents to market rate. Notwithstanding, investor interests in this project are restricted, illiquid and may not be readily sold now or in the foreseeable future.


2707-9 Azalea Garden Road

2707-9 Azalea Garden Road is a 32 unit apartment complex located in Norfolk, Virginia. In 2020, this Project was purchased as part of an 108 unit split site portfolio consisting of 5 separate property development sites, including Hillside North Apartments, Hillside South Apartments, and 9530 3rd Bay Street (see above). The entire property portfolio was purchased for approximately $3,950,000 through a combination of debt financing together with approximately $300,000 from a syndicate of 5 private equity investors for this particular property. The “as-is” appraisal at the time of purchase was $1,500,000. The main “value add” strategy employed in this Project has been renovating the interior quality of units, upgrading or replacing major infrastructure items like the roof and raising renovated unit rents to market value. This Project was recently refinanced to allow the partners to recover most of their invested capital while retaining their equity ownership. Notwithstanding, investor interests in this project are restricted, illiquid and may not be readily sold now or in the foreseeable future..