BLVD VENTURES is comprised of Dan Bonne and Justin Elliott. We began investing in real estate together in 2020 following an introduction from a mutual mentor. Since then, we have acquired 8 assets in partnership with investors and co-sponsors. Our portfolio totals 443 Units, representing a cumulative value of $45 million. BLVD Ventures was officially formed this year and is a combination of Dan’s company Matchstick Capital and Justin’s company creatively named Elliott Multifamily. 

Through our biweekly newsletter, "The BLVD Distribution," our objective is to keep our network informed about our ongoing activities. Our goal is to spark meaningful conversations and cultivate stronger relationships with individuals who are actively seeking opportunities for passive real estate investment. If you're interested in staying updated about our latest deals, click here.

Investing Experience

To date, we have gone full cycle on 2 assets, yielding excellent returns. We’ve successfully executed a cash-out refinance for one asset, and we're presently under contract to sell another. Our acquisition approach includes an upfront commitment to due diligence, during the underwriting process we thoroughly study the median income, vacancy rates, crime statistics, and rental rates.

Through our sister company BLVD Management, we manage our local assets, providing a vertically integrated strategy within Minnesota. For our out-of-state properties, we utilize only the best third-party property managers, who are closely supervised by our asset management team. Currently, most of our projects are concentrated in Minnesota and Georgia.

At BLVD Ventures we're consistently reviewing potential acquisitions. Our benchmarks are designed to offer our limited partner investors the potential to double their investments within 5 years, all while enjoying periodic cash flow distributions. Currently, we strongly believe that the market favors buyers, and we are actively working towards securing our next acquisition. Our goal is to have at least one deal under contract by the end of the year.

Market Insights

We have been actively expanding our network within the brokerage, investor, and capital market communities. Thanks to these efforts, our deal flow has been on the rise, leading us to explore new markets while also bidding in markets where we currently own and operate assets.

This surge in deal flow and our growing relationships have provided us with valuable data on the multifamily market's overall trends and asset trading patterns. We've noticed some softening in asking prices and a tightening bid-ask spread. However, we have found each investment opportunity is still very dependent on the seller’s capital structure underlying the investment and their motivation to sell.

Looking forward, we see acquisition opportunities arising from assets burdened with floating-rate debt, which may force some investors into selling. Furthermore, We predict a continued softening in asking prices, influenced by increased leverage costs and cap rate adjustments.

We look forward to further expanding our portfolio and skillfully navigating the present market terrain by leveraging the strength of our growing relationships and finely tuned strategies. We hold a firm conviction that private placements in real estate represent an underutilized investment avenue, offering a compelling alternative to the stock market. If you're interested in learning more, we invite you to register in our system. By doing so, you'll gain access to explore our newest offering firsthand.

Acquisitions Update

We’ve designated this segment of our newsletter to provide regular updates on our ongoing deal flow. Leading the acquisitions front is our Director of Acquisitions, Matt May. With his expert insights, we aim to keep our readers fully informed about our current ventures and upcoming offerings. Stay tuned for valuable insights directly from the source handling our acquisition efforts.

With a strong focus on our value-add strategy, we actively reviewed and analyzed 15 multifamily investment opportunities in the past month. We have placed three offers, with two of them centered around the Twin Cities area and one in Augusta, GA. We currently own and operate assets in both locations, allowing for potential economies of scale and enhanced operational efficiencies.

Insights & Perspectives

In our closing sections for every article, our objective is to provide you with the latest updates on multifamily real estate news. Our goal is to share insights that capture the market's current state and assist you in making informed decisions within the multifamily real estate sector.

Thank you for reading and your interest in BLVD Ventures. We look forward to having you follow along. Feel free to reach out anytime with questions and connect with us further using the button below.