Portfolio
RoboKind
Educational Robotics
06/2016
Growth Capital
Active
RoboKind

RoboKind is a software as a service (SaaS) educational robotics firm. The company currently provides ten years of science, technology, engineering, and mathematics (STEM) instruction as well as a complete, proprietary curriculum to teach social skills to children with autism. Both the STEM and the social skills instruction are delivered through Milo, the company's lifelike robot. TPEG has invested $7.8 million in RoboKind to fund the company's growth.

www.RoboKind.com

Mac 5 Energy
Oil & Gas Production
04/2016
Control Equity
Active
Mac 5 Energy

Mac 5 Energy is an oil and gas producer operating in the Texas Panhandle. Mac 5 acquires energy-producing assets with the goal of increasing production. TPEG has provided in excess of $5 million in equity and mezzanine capital to fund the company's growth.

Utopia Global
IT Services/Software
01/2015
Growth Capital
Active
Utopia Global

Utopia provides data management and governance solutions, primarily for SAP clients, and operates worldwide. TPEG invested $5m to fund research and development of Utopia's new software product, MDG for EAMTM, which is one of only 26 third-party software products sold directly by SAP.

www.UtopiaInc.com

Grand Prairie Landfill Gas Production
Green Energy
08/2013
Control Equity
Active
Grand Prairie Landfill Gas Production

TPEG partnered with EQM Technologies & Energy, Inc. and its subsidiary, Vertterre Corporation, to develop, construct, and operate a power plant generating electricity from methane gas in Grand Prairie, Texas. TPEG provided $3.2m of preferred equity.

Freedom Powersports
Vehicle Dealership
02/2013
Control Equity
Active
Freedom Powersports

TPEG purchased two powersports dealerships in the Dallas/Fort Worth area and has grown the company to 14 dealerships in the Dallas/Fort Worth and greater Atlanta areas. Freedom sells motorcycles, boats, and other recreational vehicles, service, parts, and accessories. Four rounds of TPEG funding have provided $9.73 million of equity capital for Freedom’s acquisition and growth, and Freedom is now the second largest powersports group in the country.

www.FreedomPowersportsTX.com

Freedom Powersports Case Study

Brightergy
Solar Installation
12/2011
Growth Capital
Active
Brightergy

TPEG made a growth capital investment of $1.5m in Brightergy in 2011 and provided another $1m of preferred equity in 2012.

RBN Roofing
Roofing
09/2010
Control Equity
Active
RBN Roofing

RBN Roofing installs and repairs all types of commercial and residential roofs. TPEG purchased the company, then based in Midland, Texas, for $3.7 million. TPEG has invested an additional $2 million to enter the Dallas/Fort Worth market, move the headquarters there, and grow the business.

www.RBNRoofing.com

www.RoofsByNicholas.com

Lucidity Consulting Group
IT Services
01/2010
Growth Capital
Exited
Lucidity Consulting Group

Lucidity provided IT services to companies running or implementing Oracle software. TPEG made a $2.5m investment in senior subordinated notes to fund Lucidity’s growth. The company was bought by a larger firm in 2015. TPEG investors received current interest payments for the life of the investment, a full return of their invested capital, and payment for warrants that were attached to their subordinated notes.

Bar Vista Homes
Manufacturing
02/2009
Growth Capital
Exited
Bar Vista Homes

TPEG provided $1.6m of subordinated debt financing to fund growth. Bar Vista manufactures commercial multifamily buildings and single-family homes in a 100,000 square foot facility. Bar Vista repaid the subordinated debt in March of 2010.

Wayne Trademark
Printing & Packaging
01/2008
Control Equity
Active
Wayne Trademark

TPEG led the $8.4m purchase of Wayne Trademark, a printing and packaging firm based in Honduras. Wayne specializes in producing high quality labels and tags for clothing companies.

www.WayneTrademarkHN.com

Twin Peaks
Restaurant
08/2007
Growth Capital
Exited
Twin Peaks

TPEG invested approximately $1 million to support the first three restaurants franchised by Twin Peaks. The three restaurants are located in the Austin, Texas and Albuquerque, New Mexico markets. By the time TPEG sold its interest in the three restaurants in May 2017, the Twin Peaks concept had grown to over 80 restaurants in the US and Russia.

www.TwinPeaksRestaurant.com

Fish City Grill
Restaurant
08/2005
Growth Capital
Exited
Fish City Grill

TPEG invested $850,000 to develop five Fish City Grill restaurants. These restaurants have all been sold.

Firewheel IL
Senior Living
Development
06/2017
Active
Firewheel IL

TPEG partnered with Seneca Investments, LLC for the purpose of developing a 154-unit, age-restricted, active adult multifamily community in Garland, Texas. TPEG provided $5.5 million in preferred equity and mezzanine capital.

Amp & Current
Multifamily
Value-add
04/2017
Active
Amp & Current

TPEG partnered with S2 Capital, LLC for the purpose of acquiring and renovating two garden-style multifamily communities in Arlington, Texas. Amp at The Grid was built in 1974 and consists of 446 units, and Current at The Grid was finished in 1978 and has 192 units. They are "sister properties", adjacent to one another. TPEG provided $14.88 million in preferred equity and mezzanine capital.

Cedar Park Hyatt Place
Hotel
Development
03/2017
Active
Cedar Park Hyatt Place

TPEG partnered with SRH Hospitality to develop and operate a 137-guestroom Hyatt Place hotel in Cedar Park, Texas, a suburb of Austin. TPEG provided $7.85 million of preferred equity and mezzanine capital.

Willow Pond & Tierra Linda
Multifamily
Value-add
03/2017
Active
Willow Pond & Tierra Linda

TPEG partnered with S2 Capital, LLC for the purpose of acquiring and renovating two garden-style multifamily communities in Dallas, Texas. Willow Pond was built in 1974 and consists of 386 units, and Tierra Linda was finished in 1969 and has 804 units. TPEG provided $18.39 million in preferred equity and mezzanine capital.

Autumn Leaves of Naples
Senior Living
Development
02/2017
Active
Autumn Leaves of Naples

TPEG partnered with The LaSalle Group to develop and operate a 54-bed memory care facility in Naples, Florida. Autumn Leaves is dedicated to the care and wellbeing of those living with Alzheimer’s and other forms of dementia. TPEG provided $4.24 million of equity for the project.

Lake Jackson Portfolio
Multifamily
Value-add
02/2017
Active
Lake Jackson Portfolio

TPEG partnered with Network Acquisition Partnership Alliance for the purpose of acquiring and renovating two garden-style multifamily communities in Lake Jackson, Texas. Treasure Bay has 200-units and was constructed in 1974, and Oyster Creek has 201-units and was built in 1976. TPEG provided $9.17 million in preferred equity and mezzanine capital.

Southlake Hotel
Hotel
Development
01/2017
Active
Southlake Hotel

TPEG partnered with SRH Hospitality to puchase 6.8 acres of land along Texas State Highway 114 near Carroll Avenue in Southlake, Texas. SRH expects to develop a Westin hotel on the land. TPEG provided $2.125 million of equity for the project.

Pleasant Creek
Multifamily
Value-add
12/2016
Active
Pleasant Creek

TPEG partnered with Network Acquisition Partnership Alliance ('NAPA") to acquire and upgrade the Pleasant Creek Apartments, a 159-unit multifamily community in Lancaster, Texas. TPEG provided $2.4 million of equity capital.

Trinity Place
Multifamily
Value-add
10/2016
Active
Trinity Place

TPEG partnered with S2 Capital, LLC for the purpose of acquiring and renovating Trinity Place in Mesquite, Texas. Trinity Place is a 267-unit, garden-style multifamily community that was constructed in 1985. TPEG provided $7.35 million in preferred equity and mezzanine capital.

Ladera Highland Village
Single Family
Development
09/2016
Active
Ladera Highland Village

TPEG partnered with Integrity Group and Cross Timbers Development to develop an age-restricted, 100-home community in Highland Village, Texas. TPEG has twice previously partnered with Integrity and Cross Timbers to develop similar communities. In late 2012, they began development of Villas of Stone Glen in Keller, Texas, and in 2015 they began development of Ladera Mansfield in Mansfield, Texas. TPEG provided approximately $2 million of preferred equity and mezzanine debt for this investment.

Residence on Lamar
Multifamily
Value-add
09/2016
Active
Residence on Lamar

TPEG partnered with S2 Capital, LLC for the purpose of acquiring and renovating The Residence on Lamar in Arlington, Texas. The Residence on Lamar is a 482-unit, garden-style multifamily community that was constructed in 1979. TPEG provided $11.235 million in preferred equity and mezzanine capital.

Fort Worth Aloft Hotel
Hotel
Development
08/2016
Active
Fort Worth Aloft Hotel

TPEG partnered with Sava Holdings, Ltd. to develop Downtown Fort Worth's first limited-service hotel. The 180-room Aloft Hotel will be a Starwood property located in the City Place One Tower, with guest rooms on floors eight through 13. TPEG provided two rounds of funding totalling $4.4 million of capital for the hotel's development.

Springs at Stone Oak Village
Multifamily
Core
08/2016
Active
Springs at Stone Oak Village

TPEG partnered with CAF Capital Partners to acquire the 360-unit Springs at Stone Oak Village apartment community in San Antonio, Texas. The property is an institutional quality asset built in 2014. TPEG provided $8.7 million of preferred equity capital.

The Grove at White Rock
Multifamily
Value-add
08/2016
Active
The Grove at White Rock

TPEG partnered with S2 Capital, LLC for the purpose of acquiring and renovating The Grove at White Rock in Dallas, Texas. The Grove is a 282-unit, garden-style multifamily community that was constructed in 1969. TPEG provided $5.6 million in preferred equity and mezzanine capital.

Autumn Leaves of Sarasota
Senior Living
Development
06/2016
Active
Autumn Leaves of Sarasota

TPEG partnered with The LaSalle Group to develop and operate a 54-bed memory care facility in Sarasota, Florida. Autumn Leaves is dedicated to the care and wellbeing of those living with Alzheimer’s and other forms of dementia. TPEG provided $4 million of equity for the $14.1 million project.

Bishop Highline
Multifamily
Development
06/2016
Active
Bishop Highline

TPEG partnered with Urban Genesis to develop, build, and operate Bishop Highline, a 118-unit multifamily community in the Bishop Arts District of Dallas, Texas. TPEG provided $6.93 million of equity and mezzanine capital for this unique urban infill project.

Blue Sky at West HP
Single Family
Development
02/2016
Active
Blue Sky at West HP

TPEG partnered with Urban Genesis to develop and sell 12 detached, single-family homes in the West Highland Park neighborhood of Dallas, Texas. TPEG provided $1.2m of equity capital.

Ranch at Ridgeview
Multifamily
Core
01/2016
Active
Ranch at Ridgeview

TPEG partnered with CAF Capital Partners to acquire the 288-unit Ranch at Ridgeview apartment community in Plano, Texas. TPEG provided approximately $13m of preferred equity and mezzanine capital.

Pflugerville Courtyard by Marriott
Hotel
Development
12/2015
Active
Pflugerville Courtyard by Marriott

TPEG partnered with SRH Hospitality to develop and operate a 147-room Courtyard by Marriott hotel and an attached 20,000 square foot conference center in Pflugerville, Texas, a suburb of Austin. TPEG provided $4.9m of equity capital.

Autumn Leaves of South Austin
Senior Living
Development
09/2015
Active
Autumn Leaves of South Austin

TPEG partnered with The LaSalle Group to develop and operate a 54-bed memory care facility in Austin, Texas.  Autumn Leaves is dedicated to the care and wellbeing of those living with Alzheimer’s and other forms of dementia. TPEG provided $2.7 million of equity for the $13.8 million project.

Autumn Leaves of Venice
Senior Living
Development
09/2015
Active
Autumn Leaves of Venice

TPEG partnered with The LaSalle Group to develop and operate a 54-bed memory care facility in Venice, Florida. Autumn Leaves is dedicated to the care and wellbeing of those living with Alzheimer’s and other forms of dementia. TPEG provided $3.047 million of equity capital for the $13.2 million project.

Ladera Mansfield
Single Family
Development
09/2015
Active
Ladera Mansfield

TPEG partnered with Integrity Group and Cross Timbers Development to develop an age-restricted, 187-home community in Mansfield, Texas. TPEG previously partnered with Integrity and Cross Timbers in late 2012 to develop a similar community in Keller, Texas, called Villas of Stone Glen. TPEG provided $3m of preferred equity and mezzanine debt.

Overlook Ranch
Multifamily
Core
08/2015
Active
Overlook Ranch

TPEG partnered with CAF Capital Partners to acquire the Overlook Ranch apartment community in the Alliance area of Fort Worth, Texas. At the time of acquisition, Overlook Ranch was currently in lease-up, and certain buildings had just obtained certificates of occupancy. TPEG provided $8.8 million of preferred equity and mezzanine capital.

Forty200 (Camelot Village)
Multifamily
Value-add
06/2015
Refinanced
Forty200 (Camelot Village)

TPEG partnered with S2 Capital LLC for the purpose of acquiring the Camelot Village apartment community in Mesquite, Texas. Camelot Village is a 512-unit, garden-style multifamily community that was constructed in 1983. TPEG and S2 Capital were attracted to this project because it represented an opportunity to acquire a well-located property at an attractive price per door. Camelot Village also had assumable debt in place on favorable terms. S2 and TPEG believe that renovations, mostly to unit interiors, will allow for rent increases that will significantly increase the property’s value. TPEG provided nearly $10m in preferred equity and mezzanine debt.

In December 2016, 18 months after acquisition, Forty200 was refinanced. The refinance returned all invested capital to investors, paid all preferred return, and provided additional profit to investors. Following the refinance, TPEG investors had received distributions equivalent to 129% of their original investment. Those investors continue to own 50% of the property and will participate in all future distributions.

River Walk Courtyard Marriott
Hotel
Development
05/2015
Active
River Walk Courtyard Marriott

TPEG partnered with New Era Partners and DePalma Hotels & Resorts for the purpose of developing a 145-guest room Courtyard by Marriott in Flower Mound, Texas. The project is part of a master planned development in Flower Mound called the River Walk at Central Park. TPEG provided $8.7m in preferred equity and mezzanine debt.

Bridgeview Louetta Apartments
Multifamily
Development
04/2015
Active
Bridgeview Louetta Apartments

TPEG partnered with Bridgeview Real Estate for the purpose of developing a 330-unit, institutional grade multifamily community in Spring, Texas, a northern suburb of Houston. The property will be situated on 14.8 acres adjacent to Louetta Road west of Ella Boulevard. TPEG invested $4.7m of preferred equity.

The Residence at Midtown (Aventerra)
Multifamily
Value-add
02/2015
Exited
The Residence at Midtown (Aventerra)

TPEG partnered with S2 Capital for this value-add investment, a 296-unit apartment community in Dallas, Texas. TPEG provided $5.75 million of preferred equity and mezzanine debt. The total purchase price was $9.65 million.

The property was sold in September 2016, 19 months after acquisition, for $19 million. TPEG investors realized a 38% pre-tax IRR and a 169% cash-on-cash return.

Watercrest at Frisco
Senior Living
Development
12/2014
Active
Watercrest at Frisco

TPEG partnered with IREG to construct a 128-bed assisted living/memory care building which will be part of a senior living campus in Frisco, Texas. TPEG provided $3.2m of preferred equity.

8000 Midcrown
Multifamily
Value-add
10/2014
Active
8000 Midcrown

TPEG partnered with The PPA Group for this value-add, 208-unit apartment community in San Antonio, Texas. TPEG invested $1.95m of preferred equity and mezzanine debt. The property is currently under renovation.

Isle at Dominion & Watercrest at Dominion
Senior Living
Development
09/2014
Active
Isle at Dominion & Watercrest at Dominion

TPEG partnered with IREG and Southbay Partners to construct a senior living campus that will feature a 230-unit independent living building and a 122-bed assisted living building. TPEG provided $10.68m of preferred equity. The projects are expected to take approximately three years to stabilize.

Pointe on Calloway (Hamilton Villas)
Multifamily
Value-add
08/2014
Refinanced
Pointe on Calloway (Hamilton Villas)

TPEG co-invested with S2 Capital by to purchase this 214-unit value-add property in Hurst, Texas. TPEG provided $2.25 million of preferred equity.

In July 2016 the property was refinanced. Investors received a return of 90% of their initial capital contributions along with all accrued preferred return. As of the date of refinance, investors had received a total return of 120% on their investment, and they continue to own the property and participate in quarterly distributions as well as capital appreciation of the asset.

Champions Park & Champions Centre Apartments
Multifamily
Value-add
07/2014
Active
Champions Park & Champions Centre Apartments

TPEG co-invested with Bridgeview Real Estate by providing general partner eauity as part of a larger transaction involving the purchase and renovation of the Champions Park and Champions Centre apartment communities in northwest Houston. TPEG invested $2.33m of equity.

Platinum Castle Hills
Multifamily
Core
06/2014
Active
Platinum Castle Hills

TPEG co-sponsored, along with Chris Faulkner and CAF Capital Partners, the acquisition of Platinum Castle Hills, a brand new, fully occupied class A multifamily community in the master-planned Castle Hills development in Lewisville, Texas. TPEG provided $6.6m in preferred equity.

Villas of Tenison Park (Villas of White Rock)
Multifamily
Value-add
04/2014
Refinanced
Villas of Tenison Park (Villas of White Rock)

TPEG partnered with Presidium Group for this value-add project, a 442-unit apartment community in Dallas, Texas. TPEG provided $4m in preferred equity. Presidium began renovations immediately upon acquisition, and the property was refinanced in November of 2015, 19 months after acquisition. TPEG investors received a full return of their invested capital along with all accrued preferred return.

As of the refinance date, TPEG investors had received a total of 116% of their invested capital. They will continue to receive 50% of the the project's equity distributions, both from operations and from an eventual sale of the property.

The Cosmopolitan of Corpus Christi
Multifamily
Development
12/2013
Active
The Cosmopolitan of Corpus Christi

TPEG partnered with Realtex Development Corporation for the purpose of developing a 165-unit, podium-style apartment complex in downtown Corpus Christi. TPEG provided $6.1m of preferred equity. The property is currently under construction.

TPEG Hospitality
Hotel
Development
12/2013
Active
TPEG Hospitality

TPEG partnered with Lowen Hospitality for the purpose of developing three limited-service hotels in the Dallas/Fort Worth Metroplex. The projects will include a Springhill Suites (Marriott) in Lewisville, a Courtyard Marriott in Carrollton and a Hilton Garden Inn in Arlington. TPEG provided $4.5m in preferred equity.

Tierra Bella Apartments
Multifamily
Value-add
11/2013
Exited
Tierra Bella Apartments

TPEG partnered with The PPA Group for this value-add, 205-unit apartment community in Austin, Texas. TPEG provided $3.68 million of preferred equity.

The property was sold in October 2016, 35 months after acquisition, for $15 million. TPEG investors realized a 22% pre-tax IRR and a 176% cash-on-cash return.

27Twenty-Seven (Med-Center)
Multifamily
Development
10/2013
Active
27Twenty-Seven (Med-Center)

TPEG partnered with Bridgeview Real Estate and general contractor White-Conlee for the purpose of developing a class A apartment community in Dallas, Texas named Bridgeview Med-Center. TPEG invested $4.44m in preferred equity and mezzanine debt. The property is currently under construction.

The Park at Stone Creek (Shadow Creek)
Multifamily
Value-add
10/2013
Exited
The Park at Stone Creek (Shadow Creek)

TPEG partnered with Bridgeview Real Estate for this value-add, 420-unit apartment community in Austin, Texas. TPEG provided $3.3m of preferred equity. The preferred equity paid a current yield of 10% and produced a pre-tax IRR to TPEG investors of 53% over 29 months ending with the property's sale in February of 2016. TPEG investors received a net cash on cash return of 261%.

Ventana at Valwood
Multifamily
Value-add
06/2013
Refinanced
Ventana at Valwood

TPEG partnered with Uptown Enterprises for the Ventana at Valwood project. Ventana at Valwood is a 265-unit value-add project in Farmers Branch, Texas. TPEG provided $2.2m of preferred equity. Ventana returned most of the equity capital to investors during September of 2014, 15 months after the acquisition.

Mansfield on the Green
Multifamily
Development
02/2013
Active
Mansfield on the Green

This development will be a 308-unit class A apartment complex in Mansfield, Texas. TPEG provided $6.5m in preferred equity and mezzanine debt. Construction will take place in two phases, the first of which is currently under way.

19Twenty Apartments (Fairways)
Multifamily
Value-add
10/2012
Exited
19Twenty Apartments (Fairways)

The Fairways at University was a 184-unit apartment redevelopment project in Denton, Texas, close to both the University of North Texas and Texas Women’s University. TPEG invested $1.47m in preferred equity. After renovations were completed, the property was renamed 19Twenty, and it was sold in August of 2014. TPEG investors realized a cash-on-cash return of approximately 174% and a pre-tax IRR of approximately 34%.

Villas of Stone Glen
Single Family
Development
07/2012
Exited
Villas of Stone Glen

The Villas of Stone Glen project developed an age-restricted, active-adult community of 115 homes in Keller, Texas. TPEG provided $2.2 million of preferred equity and mezzanine debt.

All homes have been sold and the project is substantially complete. TPEG investors may receive one more distribution when the homes' two-year warranties expire and reserves are liquidated. As of the last distribution in May 2016, TPEG equity investors had achived a 48% IRR and a cash-on-cash return of 286%.

Enclave at Hometown
Multifamily
Development
05/2012
Refinanced
Enclave at Hometown

Construction of this 260-unit luxury apartment complex in North Richland Hills, Texas began shortly after funding in May of 2012. TPEG invested $5.7m in preferred equity and mezzanine debt. Enclave had returned 112% of equity to investors through a refinance in November of 2014.

Pelham Town Center
Retail
Value-add
10/2011
Active
Pelham Town Center

TPEG partnered with Encore Realty to purchase this Publix-anchored shopping center in Pelham, Alabama, a suburb of Birmingham, in October of 2011. TPEG provided $3.5m of preferred equity.

Redneck Heaven
Restaurant
Core
06/2011
Exited
Redneck Heaven

TPEG formed a special purpose entity called Trinity Beach Investors, LLC for the purpose of purchasing a free-standing restaurant building (a former Bennigan’s) out of bankruptcy in July of 2011. TPEG's total investment in the building was $1.44m. The project paid a current yield throughout the 24-month investment period. TPEG subordinated debt investors realized approximately a 10.2% pre-tax IRR and a 120% cash-on-cash return. TPEG equity investors realized approximately an 18% pre-tax IRR and a 137% cash-on-cash return.

Cimarron City Apartments
Multifamily
Value-add
12/2010
Exited
Cimarron City Apartments

This project renovated a 141-apartment community in the San Antonio area. TPEG invested $930k in preferred equity. The preferred equity paid a current yield of 6.5% and produced a pre-tax IRR to TPEG investors of 58% over 21 months ending with the property's sale in September of 2012. TPEG investors received a net cash on cash return of 215%. This was TPEG's first value-add real estate project. A case study describing the process is provided below.

Cimarron City Apartments Case Study

Hilton College Station & Conference Center
Hotel
Value-add
12/2010
Exited
Hilton College Station & Conference Center

TPEG entered the hotel business with this $6.9m preferred equity investment near Texas A&M University in December of 2010. The property, initially purchased for $30m (including renovation costs), sold in December of 2014 for $46m. TPEG investors received a 242% cash-on-cash return and a pre-tax IRR of approximately 28% over 48 months.

Elan at Bluffview
Mixed Use
Development
09/2010
Exited
Elan at Bluffview

An upscale mixed use project near Love Field in Dallas, the Élan consists of 181 residential units and 65,000+ square feet of retail space. TPEG invested $850k of preferred equity in October 2010. This property was sold in March of 2015 and produced a 182% cash-on-cash return and a 17% pre-tax IRR for TPEG investors.

Liberty Lofts
Multifamily
Value-add
05/2010
Active
Liberty Lofts

TPEG partnered with Atlas Properties to purchase 27 of the 34 condominiums in this building located in the Crossroads Arts District of Kansas City in May of 2010. TPEG provided $575k in subordinated debt and $1.2m in preferred equity. The subordinated debt has been paid off through refinancing and the focus is now on selling the units.

Governor's Pointe Shopping Center
Retail
Value-add
04/2010
Active
Governor's Pointe Shopping Center

This class A retail space in the affluent Cincinnati suburb of Mason became Trinity’s first retail shopping center investment in April of 2010. TPEG invested $2.1m in preferred equity.

Walgreens - Ruston, Louisiana
Retail
Core
01/2010
Exited
Walgreens - Ruston, Louisiana

Sold in March 2012 after 25 months, this drugstore in Ruston, LA was backed by the A+ rated credit of Walgreens. TPEG provided $1.1m in preferred equity and subordinated debt. TPEG reduced risk by hedging the floating interest rate, which lowered TPEG investors' final pre-tax IRR from 30% to 14% but eliminated a substantial perceived risk. Current yield for the life of the preferred equity was 9.2% and the cash-on-cash return to TPEG investors was 129%, with the hedge. The subordinated debt paid 8%.

Piazza Siena Condos
Multifamily
Value-add
12/2009
Exited
Piazza Siena Condos

The PS Condos investment involved purchasing 56 class A condominiums out of bank foreclosure. TPEG provided $1.7m of preferred equity. Located in the Cedar Springs area of Dallas, these condos were sold individually over a 37-month period ending in January of 2013. TPEG investors realized a pre-tax IRR of approximately 24% and a cash-on-cash return of 160%.

Isle at Watercrest Mansfield
Senior Living
Development
11/2009
Exited
Isle at Watercrest Mansfield

In November of 2009, TPEG teamed with South Bay Partners, an experienced senior living developer, to build this 99-unit, 122-bed assisted living and Alzheimer’s residence. TPEG provided $4.4m of preferred equity. The property was sold in May of 2014. TPEG investors realized a pre-tax IRR of approximately 27% and a cash-on-cash return of approximately 295%. This was TPEG's first real estate investment. A case study describing the process is available below.

Isle at Watercrest Mansfield Case Study