| Sourced off-market, in a submarket with just 6.3% vacancy. |
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Hi -,
EquityMultiple is offering investors access to a $2.09M LP equity investment in Persimmon at Cates Creek - a ground-up, 346-unit Class A multifamily community in Hillsborough, NC, in the fast-growing Raleigh-Durham-Chapel Hill "Triangle," led by repeat Premier Partner Larson Capital Management.
The story here starts with the basis. The Sponsor's all-in cost of roughly $279K per unit reflects a ~20% discount to comparable sales - a meaningful margin of safety on a project that is already substantially de-risked. Persimmon is fully entitled, with vertical construction underway since May 2025, and EquityMultiple is investing after land close and site clearing. As the only Class A community approved in the Hillsborough submarket, it faces no competing new supply through lease-up.
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Attractive Basis, De-Risked Development Profile
The ~$279K-per-unit basis sits about 20% below comparable sales, and the entitlement and early pre-development risk that weighs on most ground-up deals is already behind it. Vertical construction began in May 2025, with first units targeted for Q2 2027 and stabilization projected in Year 3 - at which point the Sponsor plans to exit via sale to institutional buyers.
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Repeat Premier Partner, Institutional Local Developer
This is EquityMultiple's fourth investment with Larson Capital Management, a Premier Partner Program member, and all three prior EM offerings are performing as underwritten. Since 2014, Larson has managed 45+ funds, raised over $2.1B, and grown to more than $6B in AUM across 1,800+ investors. Development partner The Beach Company - founded in 1945, with 11,000+ multifamily units delivered - is co-investing $1.85M alongside investors.
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Triangle Growth: Jobs, In-Migration, Constrained Supply
The Raleigh-Durham metro added more than 150,000 residents from 2020 to 2024 and is projected to grow 1.5% annually, over three times the national rate, anchored by Duke, UNC, NC State, and a deep technology and life-sciences employer base. The Durham submarket is forecast to absorb roughly 1,972 units per year over the next five years, with vacancy projected to fall 190 bps. The community sits at the I-40/I-85 interchange, minutes from Research Triangle Park and near a planned 2027 Amtrak station.
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Questions? Reply to this email or reach out to our investor relations team via live chat on our website. Happy Investing,
The EquityMultiple Team |
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*Diversification on the EquityMutliple Platform is defined as having dispersed investments between the Keep, Earn, and Grow offerings.
Disclosure: This material is confidential and has been prepared solely for the information of the intended recipient and may not be reproduced, distributed, or used for any other purpose or shared with anyone in any form or format. This has been prepared for you by EM Advisor, LLC (“EquityMultiple”), an SEC registered investment advisor. Information within this report may have been provided by third-parties, including images displayed, and, while EquityMultiple believes this information to be accurate, EquityMultiple has not independently verified such information. Reference to registration with the Securities and Exchange Commission (“SEC”) does not imply that the SEC has endorsed or approved the qualifications of the firm or its respective representatives to provide any advisory services described on the report or that the Firm has attained a level of skill or training. Investments in securities are not FDIC insured, are not bank guaranteed and may lose value. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. Additionally, investments may not achieve stated social, environmental, or similar objectives. Before investing, consider your investment objectives and EquityMultiple charges and expenses. EquityMultiple advisory services are designed to assist clients in achieving discrete financial goals. They are not intended to provide financial planning with respect to every aspect of a client's financial situation, they do not incorporate investments that clients hold elsewhere, and they do not provide tax advice. Past performance does not guarantee future results, and the likelihood of investment outcomes are hypothetical in nature. For a comprehensive view of EquityMultiple's track record, please visit equitymultiple.com/track-record. Nothing in this presentation constitutes an offer, solicitation of an offer, or advice to buy or sell securities in jurisdictions where EquityMultiple is not registered. Unless and until the material terms of any potential transaction, if any, are agreed upon and both parties sign a written agreement reflecting such terms, it is not the sender’s intent for our email exchange to constitute a binding agreement.
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