Piping Rock Partners Announces the Sale of Fox Pointe Apartments and a 27.33% Net IRR for Limited Partners
SAN FRANCISCO, CA, UNITED STATES, July 22, 2025 /EINPresswire.com/ -- Piping Rock Partners, an investment firm focused on value-add multifamily real estate in the Midwest, is proud to announce the successful sale of Fox Pointe Apartments, a 120-unit multifamily property in Columbus, Indiana. The $13,750,000 sale closed in April 2025, achieving the following final net Limited Partner returns over the 15-year hold:
· 27.33% Net IRR
· 6.56x Net Equity Multiple
· 45.10% Average Annual Return
These results are an example of Piping Rock’s strategic focus on smaller Midwest markets that can offer meaningful growth, stable cash flow, and significant value creation opportunities. Piping Rock has successfully executed this strategy in the Midwest across multiple cycles since 2006.
A Proven Strategy Coupled with Disciplined Execution Fox Pointe was purchased in 2010 well below replacement cost after the previous ownership group defaulted on their mortgage during the Great Financial Crisis. Piping Rock Partners purchased the property in a joint venture with a sophisticated family office partner and invested over $1 million in capital improvements within the first year. Investments included new roofing and siding property-wide, new parking lots, a full clubhouse remodel, and comprehensive interior upgrades such as new appliances, cabinetry, countertops, flooring, and lighting.
Within five years, these improvements drove a nearly 35% increase in gross rental income and growth in net operating income (NOI) of almost 70%.
Six years after the acquisition, Piping Rock refinanced the property’s mortgage with new long-term debt fixed at 3.05%, and the proceeds were sufficient to return 100% of investor capital, satisfy the 8% Preferred Return, and produce a 21% net Limited Partner IRR. The partnership then continued to hold the property for cash flow. In 2023, Piping Rock refinanced the property yet again, returning another multiple of capital and further de-risking the investment.
A Midwest Market that Outperformed Expectations
“Our original business plan was to hold Fox Pointe long-term using fully amortizing, fixed rate HUD 223(f) financing,” said Christopher Germain, Founder and President of Piping Rock Partners. “But the strength
of this Midwest market and the success of our renovation strategy created far greater upside than we anticipated, and it was time to return this capital to our partners.”
About Piping Rock Piping Rock Partners has been investing in multifamily real estate in the Midwest since 2006. We offer accredited investors access to focused private market opportunities designed to preserve wealth, generate tax-efficient passive income, and unlock potential for significant capital appreciation.
Piping Rock operates a vertically integrated real estate investment and management platform focused on value-add multifamily assets, with an emphasis on markets in Southwestern Ohio, Northern Kentucky, and Southern Indiana.
Neither this press release nor its delivery to you shall constitute or be construed as an offer to sell securities. Any such offer shall only be made pursuant to an Offering Memorandum, Operating Agreement, and Subscription Agreement. Past results offer no guarantees of future returns.
· 27.33% Net IRR
· 6.56x Net Equity Multiple
· 45.10% Average Annual Return
These results are an example of Piping Rock’s strategic focus on smaller Midwest markets that can offer meaningful growth, stable cash flow, and significant value creation opportunities. Piping Rock has successfully executed this strategy in the Midwest across multiple cycles since 2006.
A Proven Strategy Coupled with Disciplined Execution Fox Pointe was purchased in 2010 well below replacement cost after the previous ownership group defaulted on their mortgage during the Great Financial Crisis. Piping Rock Partners purchased the property in a joint venture with a sophisticated family office partner and invested over $1 million in capital improvements within the first year. Investments included new roofing and siding property-wide, new parking lots, a full clubhouse remodel, and comprehensive interior upgrades such as new appliances, cabinetry, countertops, flooring, and lighting.
Within five years, these improvements drove a nearly 35% increase in gross rental income and growth in net operating income (NOI) of almost 70%.
Six years after the acquisition, Piping Rock refinanced the property’s mortgage with new long-term debt fixed at 3.05%, and the proceeds were sufficient to return 100% of investor capital, satisfy the 8% Preferred Return, and produce a 21% net Limited Partner IRR. The partnership then continued to hold the property for cash flow. In 2023, Piping Rock refinanced the property yet again, returning another multiple of capital and further de-risking the investment.
A Midwest Market that Outperformed Expectations
“Our original business plan was to hold Fox Pointe long-term using fully amortizing, fixed rate HUD 223(f) financing,” said Christopher Germain, Founder and President of Piping Rock Partners. “But the strength
of this Midwest market and the success of our renovation strategy created far greater upside than we anticipated, and it was time to return this capital to our partners.”
About Piping Rock Piping Rock Partners has been investing in multifamily real estate in the Midwest since 2006. We offer accredited investors access to focused private market opportunities designed to preserve wealth, generate tax-efficient passive income, and unlock potential for significant capital appreciation.
Piping Rock operates a vertically integrated real estate investment and management platform focused on value-add multifamily assets, with an emphasis on markets in Southwestern Ohio, Northern Kentucky, and Southern Indiana.
Neither this press release nor its delivery to you shall constitute or be construed as an offer to sell securities. Any such offer shall only be made pursuant to an Offering Memorandum, Operating Agreement, and Subscription Agreement. Past results offer no guarantees of future returns.
Christopher K Germain
Piping Rock Partners
+1 415-860-8925
email us here
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