IAA Fund I, LP $5,000,000
We created our first pooled fund to provide mezzanine financing allowing for the acquisition of assisted living facilities that required updating and refurbishment. In partnership with ALG-Senior, that idea morphed into taking equity positions in those facilities. Starting with just over $4M in 2017/2018; the fund assets now exceed $10M and consist of equity interests in nine AL facilities in North Carolina and Georgia. Most recently (1Q2021), IAA Fund I, LP has begun construction of a new AL facility located in Rocky Mount, in partnership with Rocky Mount Mills and ALG-Senior.
IAA Fund II, LP $10,000,000
Our second pooled fund continues to build on our success in the Senior Housing market. With an initial goal of $10M, IAA raised over $12.5M and closed to new investors at the end of 2019. The portfolio consists of equity interests in eleven Senior Housing facilities throughout North Carolina, Georgia, and Alabama. Swansboro House, a newly constructed 80 bed AL facility North of Wilmington, and Tarboro a $5M+ update/remodel of an older facility are both anticipating opening in 2Q2021.
IAA Fund III, LP $20,000,000
IAA Fund Ill, LP is Open to new investors/partners with a goal of $20M+. This fund is uniquely positioned to purchase distressed AL facilities in the Southeast due to COVID- 19. In addition to outright purchases, the fund has additional strategies that we may employ of as a means to acquire facilities in desirable areas, which may include the acquisition of distressed debt/bonds.
IAA OZ Fund I, LP $15,000,000
Our Opportunity Zone Fund is now fully subscribed and is no longer open to new investors. With $17.5M on hand, IAA OZ Fund I, LP has acquired land and CONs to build three new projects: Gardens of Clayton; Gardens of Henderson; and Gardens of East Flat Rock.
The Clayton project is a $35M 66 Bed Assisted Living/Memory Care facility with a 3 story 80-unit Independent Living Apartment community located off Glen Laurel Road and Hwy 42 in Clayton, NC.
The East Flat Rock project will likely be constructed in phases, beginning with a $15M 60 bed AL/ MC facility just outside of Hendersonville, NC.
The Vance County project consists of a newly developed 60+ bed AL/MC facility. Total project costs are anticipated to be $15M.
IAA Academy Park Fund, LP $8,500,000
Partnering with the Zahn, Stephenson, and Knier families; IAA Academy Park Fund I, LP is our only single-project based fund. The fund will have a 25% equity position in the $70M+ downtown Cary project known as The Walker.
The Walker is a new 153 luxury apartment community attached to the new Cary parking garage and overlooking the new $52M downtown Cary Park. In addition, we are building a 103,000 Square Foot Class A Office Building on the site adjacent to the Cary Library also attached to the parking garage.
Construction of The Walker luxury apartments is underway and is expected to be completed 2Q2022. Construction of the office portion of the project will commence once 65 to 70 percent of the office space is pre- leased.