CalNeva Workforce Housing Fund I (“the Fund”) is seeking investment opportunities in real estate assets, specifically workforce housing, or other opportunities that in the sole opinion of the General Partner (Golden Z Holdings) may provide reasonable rates of return to the investors. CalNeva Workforce Housing Fund I will focus primarily on acquiring and renovating multifamily properties in California and Nevada.

CalNeva Workforce Housing Fund I will raise limited partner equity until 2023, at which time the Fund will have approximately two more years to acquire and rehabilitate assets. The Fund anticipates holding assets until 2028, at which time the Liquidation and Harvesting Period will commence and run until the Fund closes by 2031.

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TARGET TIMEFRAME

FUND DETAILS

MAXIMUM OFFERING

$30 MILLION

TARGET TOTAL ACQUISITION VALUE

$100 MILLION

MINIMUM INVESTMENT

$50,000

TARGET INVESTOR RETURNS

13-18%

CREATING WORKFORCE HOUSING

Workforce Housing is an integral part of today’s American communities. The increasing wealth disparity has made Workforce Housing an ever growing part of the multifamily sector.

Workforce Housing is generally defined as housing affordable to households earning between 60 and 120 percent of area median income (AMI). Workforce Housing targets middle-income workers which includes professions such as police officers, firefighters, teachers, health care workers, retail clerks, and the like.

Households who need Workforce Housing sometimes qualify for housing subsidized by the Low-Income Housing Tax Credit (LIHTC) program or the Housing Choice Vouchers program (formerly known as Section 8), which are two major programs in place for addressing affordable housing needs.

Workforce Housing has been a stable component of Golden Bee Properties’ investment thesis over the past decade and has generated significant risk adjusted returns due to a lower than average price per unit and higher than average market cap rate.

Workforce housing targets the <$75,000 annual income working-class demographic – approximately 60% of the US population.

FUND SEED INVESTMENTS

As of April 2021, The CalNeva Workforce Housing Fund I has two seed investments already in place: Doolittle and Manchester.

DOOLITTLE – Las Vegas, NV

56 Unit Former LIHTC Property

Acquisition Price: $8,000,000
Going-In Cap Rate: 5.8%
Price per Unit: $143,000

Strategy: With 75% leverage provided by Freddie Mac at approximately 3.0% interest, Sunset Palms is intended to be held for roughly 7 to 10 years with upgrades to the units completed as units become available.  Cash on cash will start at roughly 10% in Year 1.

MANCHESTER – Los Angeles, CA

132 Unit Ground Up Construction Project

Acquisition Price: $5,250,000 (with RTI) Construction Cost: $27,000,000 Stabilized Value: $47,500,000
Return on Cost: 6.0%

Strategy: Buildout, refinance and hold for roughly 5 to 7 years. Projected project level internal rate of return (IRR) of roughly 25.0%.