OVERVIEW

GinkgoVest is offering an opportunity to invest in the recapitalization of Weyland Apartments, a 200-unit multifamily asset located in the Ashley Park neighborhood of West Charlotte, North Carolina. The property benefits from Charlotte’s thriving economy, ongoing public investments, and significant migration to the Sunbelt region. Built in 1951, Weyland Apartments offers stable cash flows, and with recent enhancements, it remains well-positioned to deliver additional value through further premium upgrades. Since acquiring the property in June 2018, Ginkgo has invested over $7.6 million in capital expenditures, improving the asset’s infrastructure, amenities, and unit interiors. Half of the units have undergone extensive renovations, and the community has a occupancy rate of 94%, with rents increasing by 72% over the past five years. This recapitalization provides investors with access to a consistently performing asset in one of the fastest-growing cities in the United States.

ABOUT THE MANAGER

Ginkgo REIT OP LP is the general partner of Weyland Apartments. The property manager, Ginkgo Residential LLC, has a proven record of providing safe, affordable housing and delivering returns to investors. From 1997 to 2007, the Advisor, formerly known as BNP Residential Properties, Inc., achieved a 394% return for investors, compared to the S&P 500’s 286%, making it the second-best performing multifamily company during its public listing. In 2010, the team shifted focus to acquiring and upgrading older properties through “value-add” workforce housing projects. From March 2011 to June 2024, Ginkgo acquired over 9,000 apartments in North Carolina, South Carolina, and Virginia, with more than 4,392 units fully recapitalized or contributed to Ginkgo REIT.

FINANCIALS

The recapitalization of Weyland Apartments offers investors a chance to participate in a stable, income-generating asset with significant value-add potential. The property’s proven performance, strategic location, and alignment with Charlotte’s growth trends ensure sustainable returns. Click here to access the Weyland Apartments Investment Analysis folder, which now includes a comprehensive financial model with key assumptions, historical rent roll data, capital expenditure details since purchase and additional supporting documents.

Key investment metrics include:

• Purchase/Recapitalization Price: $26.7 million ($133,500 per unit)
• Capital Expenditures: $2.0 million
• Projected Deal Level IRR: 18.4% (levered)
• Levered Multiple: 2.14x
• Exit Cap Rate: 5.5%

5-Year Deal Level Targeted Cash Flows:

	Year 0	Year 1	Year 2	Year 3	Year 4	Year 5	Total
Initial Investment	($100,000)
Projected Cash Flow		$5,272	$7,037	$7,825	$8,370	$8,971	$37,474
Net Sale Proceeds						$170,900	$176,370
Total							$213,844

Based on projected performance, actual performance results may vary.

Sources & Uses

Uses		Budget	Per Unit
Purchase Price		$26,700,000	$133,500
Total Buyer Closing Costs & Credits		1,000,500	5,003
	Cash Required to Close With Seller	27,700,500	138,503
	Working Capital	299,988	1,500
	Acquisition Repairs & Improvements	2,000,000	10,000
Total Acquisition Budget		$30,000,488	150,002
Sources
	First Mortgage Loan	$17,500,000	$87,500
	Surplus Cash on Balance Sheet	1,199,952	6,000
35%	Limited Partner Equity	3,955,188	19,776
65%	Sponsor	7,345,348	36,727
Total Required at Closing		$30,000,488	$150,002

PROPERTY OVERVIEW

Weyland Apartments is located at 2811 Marlowe Avenue, Charlotte, NC, within 5 minutes of Uptown Charlotte, South End, and the Charlotte International Airport. The 18.07-acre community consists of 200 units distributed across 61 buildings. Originally constructed in 1951, the property has undergone extensive renovations to maintain its competitive edge. The property achieved a 94% occupancy rate as of 2024, driven by a combination of well-maintained amenities and attractive unit interiors. The renovation strategy implemented by Ginkgo Residential has increased tenant retention and rent potential, further enhancing the asset’s value. The property consists of a mix of two- and three-bedroom units, with renovated units commanding higher rents. The table below summarizes the unit distribution and rental performance:

Unit Type	Count	Avg. Size (SF)	Pre-Reno Rent	Post-Reno Rent
2-Bedroom	175	715	$1,207	$1,287
3-Bedroom	25	925	$1,209	$1,276

The ongoing renovation program offers further upside by increasing rent levels across both unit types.

PERFORMANCE OVERVIEW (2018-2024)

Weyland Apartments has experienced steady growth across key performance metrics. Effective rents have increased by 68%, from $704 in 2018 to $1,184 in 2024. Total revenue grew by 64% during the same period, reaching $2.66 million, while NOI expanded by 58%, now totaling $1.33 million. Operating expenses have risen proportionately with revenue growth, ensuring the property remains financially sustainable.

Metric	2018	2024	Growth
Occupancy	94%	94%	0%
Effective Rent	$704	$1,208	72%
Revenue	$1.62M	$2.72M	68%
Expenses	$0.78M	$1.34M	72%
NOI	$0.84M	$1.38M	65%

  Since its acquisition, Ginkgo has made significant capital investments, totaling $7.6 million. These improvements include:

• Clubhouse Addition Featuring Fitness Center
• Recent Pool Renovation 
• New Outdoor Amenities: Dog park and grill areas
• Exterior Enhancements: Roofing, siding, sidewalks, and signage
• Interior Renovations: New appliances, flooring, and plumbing upgrades

These investments enhance the property’s curb appeal and improve resident satisfaction, further positioning Weyland Apartments as a competitive option within the Charlotte rental market.

RENOVATION STRATEGY

Ginkgo has renovated 50% of the units, upgrading them to a “Premium” standard. Premium units feature a comprehensive interior makeover, including:

• Stainless Steel Appliances
• Quartz Countertops and Tile Backsplashes
• White Shaker Cabinets and Modern Lighting Fixtures
• Faux Wood Flooring
• Washer/Dryer Installations

Renovated units generate an average rent premium of $175 per month, offering further growth potential through the continuation of this program.

MARKET OVERVIEW – CHARLOTTE, NC

Charlotte is one of the top-performing real estate markets in the U.S., supported by rapid population growth, a strong job market, and corporate relocations. Major employers in the area include Bank of America, Wells Fargo, and Truist, as well as multiple Fortune 1000 companies that have established headquarters in Charlotte since 2018. The city’s cost of living remains lower than many other major metropolitan areas, contributing to the steady migration of young professionals. Public investments, such as the $72 million Corridors of Opportunity initiative and infrastructure expansions like the Silver Line light rail, further solidify Charlotte as a desirable place to live and work.

FEES & RETURN STRUCTURE

Investment Fees
Asset Management:	greater of $24k or 0.5% of LP equity
Property Management:	3% plus allocated costs
Construction Management:	6% of the capital plan
Acquisition Fee:	1.5% of purchase price

 

Tier	Hurdle Rate (Up to)	Type	Members	Promote
Tier 1	10%	IRR	100%	0%
Tier 2	14%	IRR	80%	20%
Tier 3	Thereafter		60%	40%

KEY DATES

Estimated Project Timeline

• Target Investment Hold Period: 5 years
• Target Closing Date: December 12, 2024

Offering Dates

• Offers Due Date: December 10, 2024
• Funds Due Date: December 12, 2024

CONCLUSION

Weyland Apartments presents a compelling investment opportunity for those seeking exposure to a well-managed, high-demand asset in the rapidly growing Charlotte market. With a strong track record of performance and significant investments already made, the property is positioned to deliver attractive returns through continued value-add initiatives. Ginkgo Residential’s deep expertise in the local market and proven management model further enhance the investment’s potential. This offering memorandum highlights the stability, growth potential, and strategic advantages of investing in Weyland Apartments. Investors will benefit from predictable cash flows, long-term appreciation, and the ability to capitalize on one of the most dynamic real estate markets in the United States.

INVESTMENT PACKAGE

DOCUMENTS

Investor Packet [BEING DRAFTED]

• Private Placement Memorandum
• Operating Partnership Agreement
• Subscription Agreement