Still Property Group Fund I, LP

Residential Adaptive Reuse Fund

Joint Venture General Partner & Managing Member Fund Investment Opportunity Open to Accredited Investors

Executive Summary

Still Property Group Fund I, LP offers accredited investors direct participation in residential adaptive reuse opportunities. SPG strategically acquires distressed hotel and office assets in high-demand, supply-constrained markets, converting them into vibrant residential communities. Investors benefit from superior returns through participation in the General Partner (GP) position, leveraging our team's proven expertise and successful track record.

Fund Structure & Strategy

The Fund is structured to maximize investor returns through direct investment into the GP position of our joint ventures. Our model captures upside typically reserved for deal sponsors, significantly enhancing investor returns.

Target Assets

Distressed offices and hotels ideally situated for residential conversion.

Target Markets

Supply-constrained coastal metropolitan areas (SF Bay, LA Metro, Central Coast FL)

Project Types

Office-to-Residential, Hotel-to-Residential, Multifamily to Condo

Investment Period

3 years from Fund close; Total fund lifecycle ~6-8 years

Learn More

SPONSOR CASE STUDY

Our Proven Investment Strategy

Winter Haven, FL

The Jade Apartments

SPG purchased the 330-key hotel in Q4 2022 and began the gut renovation into a Class A property with 238 apartments with a $15M construction budget. Phase 1 units began renting March 2023 and are over 90% occupied.

The Jade has proven its success with approx. 55% of its total 238 units leased and 80% of construction completed. Phase 2 will add 94 units and is expected to be completed and fully leased by Q4 2025.

1150 3rd St SW, Winter Haven, FL
Units 238
Gross Square Feet 150,000
Costs $33.0M
Exit $55.4M*
Deal IRR 26.1%*
Deal MOIC 2.6x*

Key Performance Indicators

Rents +10% over proforma

$2.61 Rent/Sqft - 55% above comps

Expected hold period of 54 months with GP returns of 44% IRR

Visit The Jade Website

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Investor Returns & Terms

Responsive Table
Fund General Partner: STILL Property Group Fund I GP LLC (the “General Partner”)
Fund Manager: STILL Capital Partners LLC (the “Manager”)
Fund Amount: Up to $20 million
Target Returns: 30% IRR (net) / Net MOIC exceeding 2.25x
Investment Period: 3 Years from Fund close
Hold Period: Target 6-8 Years
Joint Venture Carried Interest (“Promotes”): Promotes earned from the Fund’s JV GP investments will flow to the Fund.
Waterfall: Preferred Return: 15% IRR (net) to Investors
Thereafter, Investors receive 25% of all net cash flow available including project cash flows and promotes
(Waterfall Type: European)
Management Fee: 2.0% on deployed capital, annually (50% reduction after return of capital)
Property Management & Other Fees: SPG may be paid market fees for acquisition, property management, development fees, leasing, and construction/project management. Affiliate fees are subject to advisory board approval.

projects currently under contract

Featured Investment Pipeline

Office-to-Residential
In Contract

The Hancock

Los Angeles, CA
$160M Office to Residential Conversion in LA’s Prestigious Hancock Park
Total Capitalized Costs $101.1M
Total Residences 69 units
Acquisition Basis PSF $85 / GSF
Projected Exit $168M
Projected Deal Returns 42% IRR / 2.6x
Download the Project OM
Office-to-Residential
In Contract

Pioneer Vista Townhomes

Los Angeles, CA
$23M Conversion of Office Building to 10 Luxury Townhomes
Total Capitalized Costs $16.3M
Total Residences 10 Townhomes
Acquisition Basis PSF $199 / GSF
Projected Exit $23.2M
Projected Deal Returns 37% IRR / 2.3x
Download the Project OM
Hotel-to-Residential
In Contract 

The Jade Merritt Island

Merritt Island, FL

$38M Hotel to Apartments Conversion in FL's "Space Coast" - 8 miles from SpaceX

Total Capitalized Costs $26.3M
Total Residences 158 units
Acquisition Basis PSF $94 / GSF
Projected Exit $38.2M
Projected Deal Returns 34% IRR / 2.4x
Download the Project OM

Connect with Our Investment Team

invest@stillpg.com

We invite accredited investors to explore the exceptional opportunities with Still Property Group Fund I. Please complete the form below, and our team will provide you with detailed investment materials and guide you through the next steps.