Overview
Devon on Northgate
Devon on Northgate is a 448-unit, recently-renovated, institutionally-managed Irving, TX multifamily asset available at $123,884/unit — a discount to the seller's all-in basis and a $6M discount to the active $62M contract.
The seller, a best-in-class institutional operator, has invested $8M+ in interior and exterior capital improvements during their hold, delivering a turnkey asset with modern finishes (quartz countertops, brushed nickel hardware, stainless appliances) and minimal near-term CapEx needs. A recent site tour confirmed excellent physical condition.
The transaction is financed with senior agency debt at 75% loan-to-value (5.25% fixed, with a 24-month interest-only period), with the balance funded by common equity. Investors receive a 10% cumulative, non-compounding preferred return; after return of capital and the preferred return, distributions are split 80% to investors / 20% to the Sponsor. The capitalization supports an 8.56% Year 1 cash-on-cash distribution (8.24% five-year average) — a profile we believe is well-suited to investors prioritizing durable, current income alongside total return. Base case underwriting targets a 15.59% net IRR and 1.90x equity multiple over a five-year hold.
Projected returns are hypothetical, not guaranteed, and subject to change. Past performance is not indicative of future results.
Exteriors
Community Areas
Apartment Interiors
Details
For more information, view the Sponsor's Investment Memorandum below.
Offering Docs
The core offering documents for this investment, prepared and delivered by the Sponsor.
Deal Highlights
- Discount to Seller Basis: Available at $123,884/unit — a discount to the seller's all-in basis (acquisition + capex during hold).
- Discount to Active Contract: $6M discount to the active $62M contract.
- Recently Renovated, Institutionally Operated: Seller invested $8M+ in interior and exterior capital improvements — quartz countertops, brushed nickel hardware, stainless appliances. Site tour confirmed excellent physical condition.
- Preferred Return + Income Profile: 10% cumulative, non-compounding preferred return to investors; agency financing at 75% LTV supports an 8.56% Year 1 cash-on-cash distribution (8.24% five-year average), after all fees and expenses.
- Distribution Split: After return of capital and the 10% preferred return, distributions are split 80% to investors / 20% to the Sponsor.
- Capital Structure: Senior agency debt ($41.63M) and common equity ($17.38M). Total capitalization $59.04M.
- Projected Returns: Base case targets a 15.59% net IRR and 1.90x equity multiple over a five-year hold. Projected, not guaranteed.
- Strong Sponsorship Alignment: Uplift commits 10% of common equity (~$1.74M) alongside the raise; partners bring 30+ years of institutional experience from Lone Star Funds and Hudson Advisors. Current portfolio ~1,000 multifamily units across Dallas, Austin, and Birmingham (~$142M combined value).
Management
Uplift Capital Management, LLC
Uplift Capital Management, LLC is a Dallas-based real estate private equity firm focused on the strategic acquisition and active management of real estate assets across the Sunbelt. Founded in 2022, the firm is led by Partners Matthew Dickson and Scott Hill, who collectively bring more than 30 years of institutional real estate, capital markets, and operating experience from senior roles at Lone Star Funds and Hudson Advisors.
Uplift's existing portfolio includes ~1,000 multifamily units across Birmingham, Austin, and Dallas with a combined market value of approximately $142 million — providing direct in-market familiarity with Dallas, where half of the current portfolio is located. The Sponsor is committing 10% of the equity capital (~$1.74M) alongside its raise on this transaction, reinforcing long-term alignment with the asset's performance.
Management Team
- $15B+ equity deployment experience
- $20B in loan portfolios acquired/managed
- Macroeconomic and microeconomics expertise
B.S. Economics, Southern Methodist University
- 12,500+ SFR assets managed
- $1B+ in structured capital
- Vertically integrated operations expertise
B.S. Molecular Biology, University of Alabama · MBA, Southern Methodist University
Property
Tenant Overview
Resident Profile: Devon on Northgate is a 448-unit multifamily property serving professionals and families in the Irving / Las Colinas-Adjacent submarket.
Submarket Demand Drivers:
- DFW MSA continues to lead the U.S. in net in-migration and corporate relocations
- Irving is home to major employers including ExxonMobil, Kimberly-Clark, and McKesson
- Property sits 6.2 miles from DFW International Airport
- Minutes from Las Colinas Urban Center and the President George Bush Turnpike
- Submarket benefits from limited Class B supply additions; recent deliveries skew Class A at materially higher rents
Unit Mix: 1BR and 2BR units, 701 to 1,137 SF
Financials
For more information, view the Sponsor's Investment Memorandum.
Capital Stack
Sources of Funds
| Senior Agency Debt | $41.63M |
| Common Equity (LP, 90%) | $15.64M |
| GP Co-Invest (10%) | $1.74M |
| Total | $59.01M |
Uses of Funds
| Purchase Price | $55.50M |
| Closing Costs (excl. Financing) | $1.50M |
| Loan Closing Costs | $1.42M |
| Partnership Fees & Acquisition Fee | $595K |
| Total | $59.01M |
Debt Assumptions
Senior Agency Loan
- Lender Type: Agency (Fannie Mae / Freddie Mac)
- Loan Type: Permanent Loan
- Loan Amount: $41,630,000
- LTV (Loan-to-Value): 75%
- Interest Type: Fixed
- Interest Rate: 5.25%
- Interest-Only Period: 24 months
- Loan Term: 10 years
- Amortization: 30 years