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
Investor Returns & Terms
| 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.