Granite Peak Capital

Ridgewood Terrace Apartments

Multifamily · Cedar Ridge, AL
3.5 /5

Solid suburban multifamily with experienced sponsor, but thin margin of safety on projections and no prior portfolio history.

1 source file
Ridgewood Terrace Business Plan.pdf
Tap a metric to see details
Deal Snapshot
Projected hold 10 years
Minimum investment $50,000
Bottom Line

Ridgewood Terrace is a well-located value-add play in a strong Austin suburb. The sponsor shows operational depth and the submarket fundamentals support the thesis. Key concerns are the Y1 cash burn requiring a $600K reserve draw and the lack of prior LP relationship in Vyzer's database, balanced against a tight Austin-suburb supply pipeline and a complete operator team.

Insights
3 Strengths & 4 Weaknesses
Strengths 3
Experienced operator with 1,200+ unit track record in Texas markets
Cedar Ridge submarket shows 97% occupancy and 6% YoY rent growth
Acquisition fee contributed back as LP equity — strong alignment signal
Weaknesses 4
Y1 negative net income requires $600K reserve draw — thin cushion
Single-asset concentration with no diversification
Interest rate sensitivity on floating rate bridge debt
No prior relationship with this sponsor in Vyzer portfolio database
5 Questions to Ask the Manager
Confirm Form D filing for the SPV entity before wiring
Request trailing 12-month rent roll and occupancy data
Verify GP co-invest amount and alignment mechanism
Stress-test assumptions at 200bps rate increase scenario
Confirm construction budget is a fixed-price contract
Score Detail

Tap any parameter to see what it measures and why we scored it this way.

The overall score is the weighted average of the five dimensions (weights shown per dimension); each dimension averages its parameters, scored 1 to 5 against asset-class benchmarks where 4 is market standard.

Sponsor & Team · 25% 4.0/5
4.0
Track Record Depth
i
4
Historical Performance
i
3
Team Depth
i
4
Operational Infrastructure
i
4
Regulatory Record
i
5
Returns Quality · 20% 6/7 disclosed 3.2/5
3.2
IRR vs Benchmark
i
3
MOIC
i
4
Cash-on-Cash / Pref
i
3
Revenue Growth Assumptions
i
3
Exit Assumption
i
3
Property-Level Operating Expenses
i
3
Downside / Stress IRR
i
Not disclosed
Market Thesis · 20% 3.9/5
3.9
Demand Fundamentals
i
4
Supply Pipeline
i
4
Employment & Population
i
4
Macro Tailwind
i
4
Competitive Landscape
i
4
Barriers to Entry
i
4
Thesis Differentiation
i
3
Deal Structure · 20% 6/7 disclosed 3.5/5
3.5
Preferred Return
i
3
Waterfall Fairness
i
3
Fees
i
4
GP Co-Investment
i
4
LP Protections
i
Not disclosed
Liquidity Terms
i
3
GP/LP Alignment
i
4
Risk Profile · 15% 2.8/5
2.8
Leverage / LTV
i
3
Debt Structure
i
2
Construction Risk
i
3
Regulatory Risk
i
4
Exit / Liquidity Risk
i
3
Interest Rate Sensitivity
i
2

2 parameter(s) not disclosed in the deal documents and excluded from scoring. Ask the GP to provide:

  • Downside / Stress IRR
  • LP Protections