Catamount Capital has sold its stake in Carbon Cliff, Illinois-based Old Orchard Estates Apartments, a multifamily property. No financial terms were disclosed. The buyer was not specified.
DALLAS, Nov. 15, 2018 /PRNewswire/ — Catamount Capital, LLC (“Catamount” or “the Firm”), a Dallas-based private investment firm, announced today it has exited its investment in Old Orchard Estates Apartments (“Old Orchard”) in Carbon Cliff, Illinois. The property is located adjacent to the TPC Deere Run Golf Club, renowned as the home of the PGA’s John Deere Classic, and was purchased from Key Bank in October 2012. This was the last of a series of multifamily property acquisitions made by Catamount in partnership with a property manager.
The ownership group completed physical improvements and optimized the operating performance of each of the portfolio properties. Catamount has recently been monetizing its apartment holdings. Old Orchard Estates was one of the few remaining multifamily investments still held by the Firm.
“We are pleased to deliver such a compelling outcome to our investors,” commented Greg Mattlage, President & Chief Executive Officer of Catamount. “The property was stable, near full occupancy, and cash flow positive when we first discovered the opportunity. The project exhibited attractive risk/return characteristics from the beginning, and our analysis indicated that its excellent location combined with our value-add plan would significantly enhance valuation.”
Catamount realized a 3.53x MOIC and 253% profit on its original equity investment over a six-year period for an annualized return of over 42%.
About Catamount Capital, LLC.
Catamount Capital, LLC. is a private investment firm based in Dallas, Texas pursuing private equity and alternative investment strategies. The Firm’s investments span oil and gas production, oil field services, minerals/royalties, power generation, real estate, healthcare services, technology, distressed debt, and other operating enterprises.