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About Sponsor

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Meet the Sponsor: Narrate holdings

Narrate’s investment thesis is intentionally structured around creating value, producing strong stabilized cash flows, and operated under a well-defined ownership strategy. We focus on often under-performing workforce housing properties in select major metropolitan markets with strong fundamentals.

Management Team

ADAM FENTON

Principal and Founder

Adam, Principal and Founder, leads all strategic direction and growth initiatives for Narrate. Adam brings 16 years of experience in direct equity real estate investment and development, having developed over 1,500 units, valued at nearly $900 million. Raised in Iowa, Adam started his career at Principal Real Estate Investors on the Private Equity Investment Management team.

Shortly after arriving in Denver in early 2011, Adam joined Holland Partner Group as a Development Manager where he was fortunate enough to work on some of Denver’s most iconic projects - Platform at Union Station and Union Denver. While at Holland, Adam was responsible for the development of over 1,200 units throughout the Denver MSA. Following over four years at Holland, Adam moved to BMC Investments as Senior Vice President of Development, where he focused on development in Denver’s Cherry Creek North Neighborhood.

ZACK KOBILCA

Managing Partner

Zack, Managing Partner, focuses on business development, real estate syndications, and leading the new venture pipeline. Zack founded DRGINVEST Holdings LLC (“DRGINVEST”), a diversified holding company in 2008. DRGINVEST, formerly Denver Realty Group (“DRG”) was originally built around an all-service real estate company that offered broker services, property management and investment platforms.  In 2018, DRGINVEST, restructured into a Holding Company as the company expanded to business acquisitions and pursued start-up ventures. Zack has transacted over $1 Billion in real estate and has acquired, invested, and started over 50 companies to date.  In 2023, DRGINVEST, sold and merged, many of the verticals to pursue new ventures outside the umbrella company. In the same year, Zack, Co-Founded Narrate Holdings and Narrate Ventures, two Private Equity companies. 

TANNER SCHOLVIN

Associate Vice President

Tanner, Associate Vice President, is responsible for analyzing potential development opportunities, site acquisition, managing construction draws, preparing all reporting and communication with investors, and daily oversight of asset management operations. Since starting with Narrate in 2020, Tanner has assisted the team in acquiring real estate assets totaling $50M and working through a development pipeline of over $400M. Prior to Narrate, Tanner spent eight years in the United States Army, as a Communications Sergeant, where he oversaw communication and security operations ranging from the United States to Afghanistan. Initially raised in Pennsylvania, he graduated with a degree in Real Estate Finance from the University of Denver.

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Our Funds & Projects We’ve Invested In

The investments on this page are a brief overview of our current and past funds and do not constitute an offer. Please consult with your financial advisor or CPA to see if our funds might be a good fit for you and book a time with our Investment Relations Team so we can answer any questions.

Carraway (Denver)

42 units (505 SF unit average). This project was delivered February 2023 and hit 95% leased October 2023. Current in place rent is $3.33 PSF. The business plan on this project was small units, limited amenities, lesser quality finishes, and an affordable entry point into Platt Park in a newly built building. This project was on time and on budget. The general contractor was Pinkerton. YOC of this project is 6.1%

Asset Class

Self Storage

Target Annualized Return

17% +

Minimum Investment

$10,000

Location

Denver, CO

3354 Larimer (Denver)

23 units (697 SF unit average) and 7,200 SF of retail. All the units are master leased to Sonder http://www.sonder.com for an initial five year term with 2.5% ann bumps. Retail is leased to Rush Bowls and Salvaje (new restaurant concept to Denver that is worldwide). Project was 100% leased prior to construction. The project was on time and on budget delivering May 2023. The general contractor on the project was PG Arnold. YOC is 6.51%.

Asset Class

Self Storage

Target Annualized Return

17% +

Minimum Investment

$10,000

Location

Denver, CO

Carraway (Denver)

42 units (505 SF unit average). This project was delivered February 2023 and hit 95% leased October 2023. Current in place rent is $3.33 PSF. The business plan on this project was small units, limited amenities, lesser quality finishes, and an affordable entry point into Platt Park in a newly built building. This project was on time and on budget. The general contractor was Pinkerton. YOC of this project is 6.1%

Asset Class

Self Storage

Target Annualized Return

17% +

Minimum Investment

$10,000

Location

Denver, CO

1000 S Logan (Denver) - Major Cash out Refinance in Year 5

We have one spot to 1031 into this 65-unit Grade A Multifamily Development in the South Denver—Platt Park/Washington Park neighborhood. This is a prime area of Denver, close to great shopping in Cherry Creek and the high-paying jobs in the Denver Tech Center. 6%-8% Projected Cashflow Year 3, 10%-12% by year 5.

Asset Class

Grade-A Multifamily Development

Target Annualized Return

14.8% +

Minimum Investment

$500,000

Location

Denver, CO

Aston (Denver)

73 Units (742 SF unit average) and 5,000 SF of retail. This property delivered April 2023 and hit 96% occupancy in February 2024. Average rental rate is $3.42 PSF. Project came in $200k under budget and was two months late of the original delivery date. Shaw Construction was the contractor. The late delivery was due to Xcel making the incorrect gas manifold and we were not able to start up the mechanical system or hot water for the building until we waited for them to re-make the custom manifold. Yield on Cost (YOC) for the project is 6.82%.

Asset Class

Self Storage

Target Annualized Return

17% +

Minimum Investment

$10,000

Location

Denver, CO

Canope – (CO Springs) - 40% Cash Out Refinance in Year 4!

Asset Class

Infill Mixed-Use

192 units with 6,000 SF of retail. This project is currently in the design phase. When we originally bought the land we were planning on a 131-unit project but had the opportunity to buy an additional parcel which allowed the building to get much more cost effective and increase in size to 192 units.  Anticipated groundbreaking is late Q1 2025 with a 24 month construction timeframe.


Projected Average Cashflow

11% +

Minimum Investment

$500,000

Location

Colorado Springs, CO

421 S Tejon – (CO Springs) Opportunity Zone

202-unit Marriot Autograph Residences and 159 key Marriot Autograph Hotel. This is a big project that is currently going into Schematic Design. This is located on the best corner in southern part of downtown CO Springs where all the new development and restaurants are located. Currently have a signed term sheet with Marriot, we have paid them their franchise fee already and are currently negotiating the franchise agreement with Marriot. Expected ground breaking is Summer 2025 with a 30 month construction timeframe. Projected un-trended YOC for the apartments is 6.43% and 10.8% for the hotel.

Asset Class

Hospitality

Target Annualized Return

17% +

Minimum Investment

$10,000

Location

Denver, CO

Weber - (CO Springs)

This is a 120-unit garden walk up project located on 5.2 acres in northern CO Springs near UCCS. This is a co-development project that we are currently negotiating to be bought out with the development partner. We have told them we just don’t have time to focus on this project at this time and will focus on our urban infill podium projects. Currently not spending any time on this project.

Asset Class

Self Storage

Target Annualized Return

17% +

Minimum Investment

$10,000

Location

Denver, CO

518 S Nevada (CO Springs) – Opportunity Zone

Currently just a covered land play that has 100% leased retail. We had an opportunity to buy this land 35% below market at the time of purchase. Currently have a concept for 110-unit project but most likely will hold and start design late 2024 or early 2025.

Asset Class

Self Storage

Target Annualized Return

17% +

Minimum Investment

$10,000

Location

Denver, CO

Lafayette Flats (Denver)

13 unit value add project located just blocks from Saint Joseph and Presbyterian/St Luke hospitals. Executed the business plan of exterior and unit renovations. Under budget on the renovation budget, currently 100% leased at underwritten rents. Looking to possibly sell this property.

Asset Class

Self Storage

Target Annualized Return

17% +

Minimum Investment

$10,000

Location

Denver, CO

Emporia – (Aurora) – 16 units

Executed value add strategy on budget, 100% leased at underwritten rents, looking to sell summer 2024.

Asset Class

Self Storage

Target Annualized Return

17% +

Minimum Investment

$10,000

Location

Denver, CO

Joliet Apartments (Aurora)

Joliet is 24 units located in Aurora, CO. We executed our exterior and interior renovation plan here. We came in under budge on the capex renovation as there seven units that we were able to increase rents to proforma underwriting without have to put in capital in. The project is currently 100% leased and slightly exceeding underwritten rents. We will look to sell this project early fall.

Asset Class

Self Storage

Target Annualized Return

17% +

Minimum Investment

$10,000

Location

Denver, CO

730 Mather (Brighton) – 12-unit value add project

Light exterior and interior renovation. Project came in right on budget. Property is currently 100% leased and we are just cashflowing the property currently and may look to sell late 2024 or early 2025.

Asset Class

Self Storage

Target Annualized Return

17% +

Minimum Investment

$10,000

Location

Denver, CO

20th Ave (Brighton) – 10 unit value add project

Light exterior and interior renovation. Project came in slightly over budget as we had additional costs for landscaping that was unexpected. Project is performing well as we are hitting our revenue projections. We’ll sell this property in a package deal with 730 Mather late 2024 or early 2025.

Asset Class

Self Storage

Target Annualized Return

17% +

Minimum Investment

$10,000

Location

Denver, CO

Sterling Park – (OKC) 142-unit value add project

We executed an interior and exterior renovation and added two units to the project by converting an oversized storage. We put new management in place and stabilized the asset in under 12 months. In early 2022, we refinanced out into a Freddy long term loan and returned 73% of initial investor equity back. Currently cashflowing.

Asset Class

Self Storage

Target Annualized Return

17% +

Minimum Investment

$10,000

Location

Denver, CO

E 14th Ave – (Aurora) 12-unit value add property

We recently bought this property and have been able to increase rents to proforma without executing any of the value add strategy. We most likely won’t do much work and will look to sell beginning of next year leaving a value add strategy in place for the next buyer.

Asset Class

Self Storage

Target Annualized Return

17% +

Minimum Investment

$10,000

Location

Denver, CO

5840 Carr (Arvada)

20-unit value add project that we executed our interior/exterior renovations and stabilized the asset. We sold the asset October 2022 and achieved a 34.6% IRR and 1.78 Equity Multiple (EM)

Asset Class

Self Storage

Target Annualized Return

17% +

Minimum Investment

$10,000

Location

Denver, CO

Dorchester – (OKC) 40-unit value add project located Oklahoma City

This value add strategy on this project was mostly related to improving the current management on site. We did light interior and exterior renovations. We sold the project in July 2022 and achieved a 31.2% IRR and a 1.65 EM

Asset Class

Self Storage

Target Annualized Return

17% +

Minimum Investment

$10,000

Location

Denver, CO

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Testimonials

Sally Radley
Founder of the fund

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Sally Radley
Founder of the fund

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Sally Radley
Founder of the fund

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