EAGLES
LANDING
206 32nd St E, Williston, ND 58801
93 Units · Built 2014 · Value-Add Multifamily
DISCLOSURE
This presentation is for informational and discussion purposes only. It is not an offer to sell, or a solicitation of an offer to purchase, any securities. Any offering will be made solely through the Private Placement Memorandum, Operating Agreement, Subscription Agreement and other official offering documents.
All financial projections, estimated returns, operating assumptions, market data and business plans presented here rest on information and assumptions believed reasonable as of the date prepared. Actual results may vary materially.
Past performance, projected returns and anticipated market conditions are not guarantees of future performance. All real estate investment involves risk, including the potential loss of some or all invested capital.
Prospective investors should independently evaluate this opportunity and conduct their own due diligence, and are encouraged to consult their legal, tax, financial and investment advisors before making any investment decision.
Results may be affected by market conditions, property performance, financing availability and terms, interest rates, economic conditions, operating expenses, tenant demand and other factors beyond the Sponsor's control.
Participation is subject to the eligibility requirements and terms contained in the final offering documents.
This opportunity is offered pursuant to Rule 506(c) of Regulation D under the Securities Act of 1933, and is available only to verified Accredited Investors.
THE OFFERING
We buy at an 8.5% cap. We sell at an 8.5% cap.
PROJECTED LP IRR
18.0%
EQUITY MULTIPLE
1.89x
CASH ON $100,000
$13,600 / yr
PREFERRED RETURN
7.5%
93 units, built 2014, at 206 32nd St E, Williston, North Dakota. $10,630,000 — $114,301 a unit — at an 8.50% going-in cap. We underwrite the sale five years later at that same 8.50%.
THE RAISE
$3,485,100 of limited partner equity
All the value we create is forced appreciation: $565,000 of capital drives $306,000 of NOI growth, which at a flat cap is +$3.6M of value. None of it comes from the market repricing the asset.
MINIMUM
$100,000
HOLD
5 years, target
IN PLAN TERMS
We buy the building, renovate units as tenants move out, raise rents about 9%, pay you quarterly, and sell in five years.
DISTRIBUTIONS
Quarterly, beginning after closing
SPONSOR CAPITAL
$387,995 — 10% of total equity, the acquisition fee reinvested rather than taken in cash
Every return figure in this deck is shown net of all fees, including the asset management fee. Projections are not guarantees and actual results will differ. Offered under Rule 506(c) to verified accredited investors only.
WHY INVEST IN WILLISTON, NORTH DAKOTA RIGHT NOW?
ESTABLISHED RENTER BASE. NO NEW SUPPLY. RENT WELL BELOW THE AFFORDABILITY CEILING.
29,500+
ESTIMATED POPULATION
58%
RENTER-OCCUPIED HOUSEHOLDS
4.8x
MEDIAN HOME PRICE TO MEDIAN INCOME
$378,684
MEDIAN CLOSED HOME SALE ZILLOW JULY 2026
5,713
STUDENTS ENROLLED, 2025-26
21%
RENT-TO-INCOME AT TARGET RENT
MEDIAN HOUSEHOLD INCOME
$79,381
SCHOOL ENROLLMENT
UP 9.4%
NEW APARTMENTS
0
VACANCY
7.6%
FROM BOOMTOWN TO FAMILY TOWN
Williston nearly doubled between the 2010 and 2020 censuses — 14,716 to 29,160 — and has been roughly flat since. What is still changing is who lives here. School enrolment rose 9.4% between 2019-20 and 2025-26, while the city's population rose 1.2%.
AND IT IS BUILDING FOR THEM
In April 2024 voters approved a $35 million school bond by 66% to build a 600-student elementary school, opening autumn 2026. Every residential permit issued in Williston since 2017 has been single-family or duplex.
WHY THIS MATTERS FOR EAGLES LANDING
A town of families needs family-sized apartments. Eagles Landing is 66 two-bedroom homes of 1,056 to 1,590 square feet out of 93 — the largest unit mix in its immediate competitive set. At a target rent of $1,409, rent is roughly 21% of median household income against a 30% affordability ceiling of $1,985.
Sources: U.S. Census Bureau 2010 and 2020 Censuses, Vintage 2025 Estimates and Building Permits Survey; North Dakota Dept. of Public Instruction.
ZERO apartment units permitted in Williston, 2017 to 2025
58% of households rent; the median home costs 4.8x median income
School rolls up 9.4% while population rose 1.2%
THE PROPERTY
Family-sized apartments in a town growing families
ADDRESS
206 32nd St E, Williston, ND 58801
BUILT
2014 · three storeys
UNITS
93 — 27 one-bedroom, 66 two-bedroom
UNIT SIZES
704 to 1,590 sq ft · 1,051 sq ft average
NET RENTABLE
97,697 sq ft
OCCUPANCY
93.5% · 87 of 93 leased
IN EVERY UNIT
Full-size washer and dryer
PARKING
Surface, plus detached garages
MANAGER
Greystar
WHY THE UNIT MIX IS THE POINT
Sixty-six of 93 units are two bedroom homes between 1,056 and 1,590 square feet — the largest unit mix in the immediate competitive set. Williston’s school enrollment is growing more than seven times faster than its population. This is the product those households rent.
WHAT IS AROUND IT
Six competing apartment communities within a quarter mile. Williston State College, CHI St. Alexius Health Medical Center and Williston Basin International Airport all within the city.
Unit count, sizes and occupancy from the rent roll as of the offering date. Manager per the current property management agreement. Garage availability is limited and charged separately.
TODAY — YEAR ONE
HEADED — YEAR FIVE
RENT
In-place $1,289
Rent roll market $1,299
True loss to lease $11
Post-renovation $1,409
+$120, earned by $5,000 a unit
Phased over 24 months
PREMIUM BY TIER
Comps within a quarter mile
$1,200 heat included
to $1,526
1-bed +$114 well supported
Mid 2-bed +$121 one comp
Largest +$127 thinnest
PROPERTY CONDITION
Original interiors
$100,000 deferred work identified
$465,000 across all 93 units
3.9 units a month, on turnover
REVENUE LEAKAGE
$134,798 lost
Vacancy $89,865
Bad debt $29,955
Non-revenue + concessions $14,978
$103,981 lost
Concessions and non-revenue to zero
Bad debt 2.0% to 1.1%
Vacancy 6.1% to 5.5%
OTHER INCOME
$292,707
$63,162 utility reimbursement
$316,835
+8.2% over five years
No new fee categories
NOI $987,736
EGI $1,642,474
Margin 60.1%
NOI $1,217,473
EGI $1,931,602
Margin 63.0%
NOI AND VALUE
93 UNITS | BUILT 2014 | $10.63M ACQUISITION PRICE | 5-YEAR TARGET HOLD
$565,000 OF CAPITAL DRIVING $306,000 OF NOI GROWTH
RENT +$120 / UNIT
NOI +$306,000
VALUE +$3.6M
Capital plan $565,000 — $465,000 interior renovation at $5,000 a unit, $100,000 deferred maintenance. Replacement reserve $32,550 a year from operations. Value gain is NOI growth divided by a flat 8.50% cap. Every figure is from the financial model.
MARKET RENT POSITIONING
We own 2014 product at 2012 rents
UNIT TYPE
UNITS
OUR PLAN
2012–13 PRODUCT
2014–15 PRODUCT
WHERE WE SIT
1 BEDÂ
704–732 SF
27
$1,202
$1,043–1,134
$1,178–1,370
In band
2 BED 1 BAÂ
1,056–1,120
12
$1,350
$1,134
None
Re-tiered
2 BED 2 BAÂ
1,070–1,202
40
$1,479
$1,206–1,256
$1,350–1,503
In band
2 BED 2 BAÂ
1,465–1,590
14
$1,599
$1,595 *
None
Sole product
TWO MARKETS, ONE BLOCK.
Seven competing communities within a quarter mile split into two tiers about $190 apart. The 2012–13 buildings ask $1,043 to $1,256. The 2014–15 buildings ask $1,178 to $1,503.
WE OWN THE SECOND TIER AND CHARGE THE FIRST.
In-place rent averages $1,289. The plan takes it to $1,400 — the middle of the band this building already belongs to, not the top of it.
UNIVERSITY COMMONS SETS THE CEILING.
218 units, built 2015, a tenth of a mile away: $1,503 for 1,056 square feet. Our plan for the 1,070 square foot Blyth is $1,474.
Comparable asking rents published by each property, September 2026. Heat-included rents normalised by $34 per month, the ND HUD utility allowance for a two-bedroom gas-heated unit effective January 2026. Unit counts and in-place rents from the rent roll as of the offering date. The 1,465–1,590 sq ft comparable is a 1,269 sq ft three-bedroom.