All opportunities
ClosedMultifamily Real Estate Bradenton, Florida
Palmetto Crossing
204-unit multifamily development — completed and sold above its underwritten exit in 2024.
Sponsored by Harbor Point Development Partners 122 members participatingLast updated Sep 30, 2024
Overview
Executive Summary
Palmetto Crossing was a ground-up, 204-unit multifamily development in Bradenton delivered in 2020, stabilized ahead of plan, and sold in September 2024 above its underwritten exit value. Members received quarterly distributions throughout the operating period and a full return of capital plus profit participation at sale. This page is retained as a completed-investment record.
Project Description
Four garden-style buildings with 204 units and clubhouse amenities, delivered on the sponsor's original construction budget.
Market Opportunity
Underwritten during Bradenton's early growth acceleration; occupancy stabilized at 96% within nine months of delivery.
Investment Thesis
Development margin in a supply-constrained submarket with an experienced local sponsor.
Current Status
Completed. Final distributions were paid in Q4 2024 and the entity has been dissolved.
Investment Highlights
Realized outcome
Sold in 2024 above the underwritten exit value.
On-budget delivery
Completed on the sponsor's original construction budget.
Fast stabilization
Reached 96% occupancy within nine months of delivery.
Full distribution record
Every scheduled quarterly distribution was paid during operations.
Investment Terms
- Offering entity
- Palmetto Crossing LLC
- Investment type
- Preferred Equity
- Security type
- Class A Membership Units
- Minimum investment
- $10,000
- Maximum investment
- $200,000
- Target raise
- $2,000,000
- Maximum raise
- $2,000,000
- Price per unit
- $1,000
- Target annual return
- 12.1%
- Preferred return
- 8%
- Profit split
- 70 / 30 above preferred
- Target hold period
- 4 years
- Distribution frequency
- Quarterly
- Offering deadline
- Jun 30, 2020
- Accreditation
- Accredited investors (attestation placeholder)
Financials
Sponsor projections — explore how the numbers move under different scenarios.
The sponsor's underwritten projection. All figures are sponsor projections.
Projected Revenue vs. Expenses
Projected Investor Distributions
| Five-Year Forecast | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $2,600,000 | $2,730,000 | $2,866,500 | $3,009,825 | $3,160,316 |
| Expenses | $1,092,000 | $1,146,600 | $1,203,930 | $1,264,127 | $1,327,333 |
| Operating Income | $1,508,000 | $1,583,400 | $1,662,570 | $1,745,698 | $1,832,983 |
| Cash Flow | $1,296,880 | $1,361,724 | $1,429,810 | $1,501,300 | $1,576,365 |
| Distributions | $1,037,504 | $1,089,379 | $1,143,848 | $1,201,040 | $1,261,093 |
Capital Stack
Total capitalization $7,400,000
Senior Debt$4.8M · 65%
Member Equity (The Circle)$2M · 27%
Sponsor Co-Investment$590K · 8%
Est. stabilized value
$9.8M
Projected exit value
$10.4M
Sources & Uses
Sources
- Senior Construction Loan$4.8M
- Member Equity$2M
- Sponsor Co-Investment$590K
- Total$7.4M
Uses
- Land & Construction$6.5M
- Soft Costs & Financing$660K
- Reserves$260K
- Total$7.4M
Model your investment
Your investment$20,000
$10,000 min20 units @ $1,000$200,000 max
Per quarterly payment
$300
Projected annual income
$1,200
Income over 4 yrs
$4,800
Projected value, yr 4
$31,583 · 1.58x
Portfolio fit: Real Estate would move from 47% to 51% of your committed portfolio with this investment.
Illustrative projection compounding the base scenario of the sponsor's target return over the full hold. Estimates only — never a guarantee.
Business Plan
Business Model
Develop, stabilize, and sell to an institutional multifamily buyer.
Use of Funds
Capital funded vertical construction alongside a senior construction loan. Fully realized.
Potential Exit Strategy
Realized: sold September 2024 to an institutional buyer above the underwritten exit value.
Sponsor
Harbor Point Development Partners is a Tampa-based real estate development firm focused on workforce and mid-market multifamily housing across Florida's Gulf Coast. The firm pairs conservative underwriting with hands-on construction management, and has delivered every project in its track record on or under its original capital plan.
18
Years experience
14
Completed projects
3
Current projects
$212M
Total project value
Team
- DR
Daniel Reyes · Managing Partner
Former regional development director; has overseen 3,100 delivered units across Florida.
- KW
Karen Whitfield · Head of Construction
20 years managing ground-up multifamily and mixed-use construction programs.
- LO
Luis Ortega · Director of Asset Management
Leads lease-up strategy, operations, and investor reporting across the portfolio.
Previous projects
Bayshore Flats (168 units)
Delivered 2022 · stabilized at 96% occupancy in 9 months
Palmetto Crossing (204 units)
Delivered 2020 · sold 2024 above underwritten exit
Riverside Lofts (96 units)
Delivered 2018 · refinanced with full return of member capital
Track record provided by the sponsor. Past performance does not predict future results.
Documents
The complete document room for this offering.
Project Timeline
Mar 1, 2020
Opportunity Announced
Opportunity introduced to The Circle with preliminary materials.
Mar 15, 2020
Member Preview Opened
Full data room, financial model, and sponsor Q&A opened to members.
Apr 1, 2020
Offering Opened
Commitments accepted from approved members.
Jun 30, 2020
Target Funding Date
Offering expected to reach its target raise.
Aug 1, 2020
Construction Start
Capital deployed and the project moves into execution.
Nov 15, 2021
Delivery & Lease-Up
Key operating milestone on the path to stabilized performance.
Jan 15, 2022
Projected First Distribution
First member distribution expected, subject to performance.
Realized 2024
Projected Exit Window
Targeted period for sale, refinance, or other liquidity event.
Updates
Updates begin once the offering opens. Members receive notifications for every update.
Risks
Private investments involve substantial risk, including illiquidity and possible loss of the entire amount invested. Read every factor below before committing. Projected returns are estimates only and are not guaranteed.
Market Risk
Economic conditions, interest rates, and local market dynamics may change and could reduce revenue, valuations, or the pace of lease-up and sales relative to projections.
Liquidity Risk
This is a private investment with no public market. Members should expect to hold their investment for the full target hold period; early liquidity is not guaranteed and may not be available at all.
Loss of Capital
Private investments involve substantial risk, including the possible loss of the entire amount invested. Members should only commit capital they can afford to lose.
Projection Risk
All financial projections shown are illustrative demonstration estimates prepared by the sponsor. Actual results will differ, and the difference may be material.
Sponsor & Execution Risk
Performance depends heavily on the sponsor's ability to execute the business plan, retain key personnel, and manage costs. Departure of key team members could adversely affect results.
Regulatory Risk
Changes in zoning, licensing, tax, or securities regulation could affect the project's operations, timeline, or member distributions.
Economic Risk
Recession, inflation, labor shortages, or credit-market disruption could increase costs or reduce demand beyond what the sponsor has underwritten.
Exit Risk
The projected exit depends on market conditions at the time of sale or refinance. A delayed or lower-value exit would extend the hold period and reduce returns.
Questions
Frequently asked
Ask the sponsor
Questions and sponsor answers are visible to all members reviewing this offering.
Prefer a conversation?
Book a 15-minute call with the sponsor team about this offering.
Sponsor presentations and group Q&As are listed on the member events calendar.
Keep Exploring
Similar opportunities
Open
Multifamily Real Estate 214 members
Harbor Point Residences
Tampa, Florida·Preferred Equity
A 172-unit waterfront-adjacent multifamily community in Tampa's fastest-growing employment corridor.
$1.9M committed75% of $2.5M
Target Return
12.4%
Minimum
$10K
Distributions
Quarterly
5-year target holdCloses Sep 30, 2026
Almost Funded
Commercial Real Estate 241 members
Sunline Medical Office Center
West Palm Beach, Florida·Preferred Equity
A 96%-leased medical office building anchored by a regional health system on a 12-year lease.
$2.9M committed92% of $3.2M
Target Return
14.1%
Minimum
$15K
Distributions
Quarterly
6-year target holdCloses Jul 31, 2026
Open
Mixed-Use Development 268 members
Orlando Circle District
Orlando, Florida·Common Equity
A neighborhood-scale mixed-use district with a $2,500 minimum so more members can participate.
$1.3M committed60% of $2.1M
Target Return
12.8%
Minimum
$3K
Distributions
Quarterly
6-year target holdCloses Oct 15, 2026