Since its founding in 1989, Banner has developed or acquired fifty multifamily properties consisting of nearly 9,000 units worth approximately $1.5 billion.
Since its founding in 1989, Banner has developed or acquired fifty multifamily properties consisting of nearly 9,000 units worth approximately $1.5 billion.
Prior to Fund I
Banner acquired 23 properties, with cash distributed to investors ahead of forecast on every deal but one.
Fund I (2009-2011)
Acquired $116 million of multifamily assets, consisting of 1,270 units across three states. In 2015, McDowell Place Apartments, a 400-unit property located in Naperville, IL was sold for approximately 50% more than the acquisition price in 2010. In 2017, River's Edge/Fordem Towers, a 420-unit property in Madison, WI was sold for 60% more than the acquisition price in 2010.
Fund II (2012-2015)
Through joint ventures with an institutional partner on two of the four acquisitions in this Fund, Banner acquired $140 million of multifamily assets, consisting of 1,139 units across four cities in two states. In 2019, Ansley Falls, a 274-unit property in Charlotte, North Carolina was sold for nearly 30% more than the acquisition price five years earlier and Tradition at Stonewater, a 351-unit property in Cary, North Carolina was sold for just over 50% more than the acquisition price five years earlier. In 2022, Summermill at Falls River, a 320-unit property in Raleigh, North Carolina, sold for 168% more than the acquisition price paid in 2015.
Fund III (2016-2018)
Acquired $94 million of multifamily assets, consisting of 520 units in Charlotte, NC and Phoenix, AZ.
Fund IV (2019-2022)
Acquired $108 million of multifamily assets, consisting of 393 units in St. Louis, MO and Fitchburg, WI.
Built in three phases between 2007 and 2009, the property is an institutional-quality asset in a luxurious setting. The property offers a diverse mix of 402 garden apartments and 48 townhomes that were originally constructed as for-sale housing but were kept as rental units. Riachi has excellent visibility from Coit Road, a major arterial link to the regional highway system. The property features a modern clubhouse, fitness center, media, and business center, two swimming pools, an outdoor kitchen, and attached and detached garages.
Upon acquisition, Banner implemented several new systems and amenities, resulting in increased tenant satisfaction. Riachi has maintained excellent occupancy and experienced strong rental growth since acquisition. With the sale of McDowell Place Apartments and River’s Edge/Fordem Towers, along with refinancing proceeds, Fund I investors have received more than 180% of their original equity back, while still owning the largest and highest quality of the Fund’s assets, Riachi at One21 .
