Owned

Kirman Garden Apartments - 84 units in Reno, NV

• Acquired for $14,250,000 in January 2023 ($169,643 per unit)

• Planned Capital Improvements: $835,145 ($9,942 per unit)

• Projected Returns: 18.7% IRR and 2.1x Equity Multiple (5-year Hold)

Highlights:

• The business plan calls for renovations to half of the 84 units, three roof replacements, pool and courtyard area enhancements, and the conversion of the existing clubhouse to a fitness center

• Centrally located, just two miles south of UNR, and one mile east of the bustling MidTown district

• Bank loan; 60% LTC; additional earnout potential up to 66% LTC; 36 months interest-only

Rio Platte Apartments - 41 units in Denver, CO

• Acquired for $7,700,000 in April 2022 ($192,500 per unit)

• Planned Capital Improvements: $660,555 ($16,514 per unit)

• Projected Returns: 14.0% IRR and 2.3x Equity Multiple (7-year Hold)

Highlights:

• Capital improvements have included unit renovations on a selective basis, significant updates to interior hallways, and major exterior upgrades, including a full span stairwell replacement, new fencing, the addition of parking lot lighting & security cameras, and new monument signage

• Bank Loan; 65% LTC; 2 years interest-only

Owned

Portal on Bonanza Apartments - 34 units in Las Vegas, NV

• Acquired for $3,620,000 in August 2022 ($106,470 per unit)

• Planned Capital Improvements: $538,475 ($15,837 per unit)

• Projected Returns: 13.1% IRR and 2.1x Equity Multiple (7-year Hold)

Highlights:

• The business plan calls for a complete makeover, including renovations to all 34 units, three roof replacements, parking lot repavement, updated signage, and a full exterior paint job

• Negotiated 5% ($400,000) discount to contract price while in escrow

• Bridge loan; 56% LTC; 24 months with two 12-month extension options; full-term interest-only

Orange Blossom Apartments - 40 units in Tucson, AZ

• Acquired for $3,400,000 in February 2022 ($85,000 per unit)

• Planned Capital Improvements: $538,650 ($13,466 per unit)

• Projected Returns: 16.4% IRR and 2.0x Equity Multiple (5-year Hold)

Highlights:

• Planned capital improvements include unit renovations for all 40 units, two roof replacements, a full exterior paint job, and additional exterior upgrades to include lighting and signage updates, parking lot repairs, and added fencing

• Bank Loan; 66% LTC; with additional earnout potential; 2 years interest-only

Owned

Park Villa Apartments - 13 units in Reno, NV

• Acquired for $1,213,000 in July 2021 ($93,308 per unit)

• Capital Improvements: $210,000 ($16,153 per unit)

• Projected Returns: 21.5% IRR and 2.5x Equity Multiple (5-year Hold)

Highlights:

• Executed a large-scale renovation, including improvements to property grounds, systems and unit interiors

• Negotiated 4% ($52k) discount to contract price while in escrow

• Bank loan; 67% LTC; 18 months interest-only

12 on 10th Apartments - 13 units in Phoenix, AZ

• Acquired for $2,304,000 in December 2021 ($192,000 per unit)

• Capital Improvements: $90,000 ($6,923 per unit)

• Projected Returns: 12.6% IRR and 2.9x Equity Multiple (10-year Hold)

Highlights:

• Turnkey asset in the path of substantial development on the edge of downtown

• Converted laundry room to a residential unit and added in-unit laundry

• Bank loan: 62% LTV at acquisition and 72% LTV achieved through a supplemental earnout

Sold

Orange Blossom Apartments - 40 units in Tucson, AZ

• Acquired for $1,565,000 in March 2018 ($39,125 per unit)

• Capital Improvements: $65,000

• Sale Date: February 2022 / Sale Price: $3,400,000 ($85,000 per unit)

• Realized Returns: IRR: 52.6% / Equity Multiple: 4.7x

Osborn 17 Apartments - 17 units in Phoenix, AZ

• Acquired for $1,475,000 in July 2018 ($86,765 per unit)

• Capital Improvements: $50,000

• Sale Date: August 2021 / Sale Price: $3,060,000 ($180,000 per unit)

• Realized Returns: IRR: 49.3% / Equity Multiple: 3.4x

12 on 10th Apartments - 12 units in Phoenix, AZ

• Acquired for $1,522,500 in January 2019 ($126,875 per unit)

• Capital Improvements: $20,000

• Sale Date: December 2021 / Sale Price: $2,304,000 ($192,000 per unit)

• Realized Returns: IRR: 31.8% / Equity Multiple: 2.2x

Sold

5121 Woodmont, Antioch, CA

• Acquired for $346,000 in May 2015

• Capital Improvements: $18,600

• Sale Date: February 2018 / Sale Price: $460,000

• Realized Returns: IRR: 32.9% / Equity Multiple: 2.1x

15119 N. 172nd, Surprise, AZ

• Acquired for $114,000 in December 2012 (8% below ask)

• Capital Improvements: $19,700

• Returned 28% of capital to investors through annual payments

• Sale Date: December 2017 / Sale Price: $207,500

• Realized Returns: IRR: 16.6% / Equity Multiple: 2.1x

4236 Limestone, Antioch, CA

• Acquired for $348,000 in October 2015 (6% below ask)

• Capital Improvements: $34,550

• Sale Date: December 2017 / Sale Price: $455,000

• Realized Returns: IRR: 24.8% / Equity Multiple: 1.7x

“The team invests alongside you, and offers a fair compensation structure that is incentive-based, and mostly back-ended, rather than loading on a bunch of heavy upfront fees.”

“I don’t have the time to actively manage a property and focus on growing my business at the same time. Delphi has been the perfect solution.”

“Delphi has exceeded my expectations and I look forward to participating in many more deals with them in the future.”

“Eric and Bryan have significant experience, they are hard workers, their analysis was thorough, their understanding of broader market trends made sense, and their ideas about increasing revenue were creative.”

“Ultimately, what gives me comfort is not only the experience and expertise that Eric and Bryan bring, but the fact that they put investors first.”

“At the end of the day, I trust Delphi to preserve and grow my capital and I highly recommend them to others.”