Grocapitus - experience with syndications that have exited

[Rob Block]

I'm considering investing with Grocapitus for the first time in their value add syndication in Chattanooga TN (https://grocapitus.com/funds/mtr/investor-kit/).  I read through a long thread from several years ago about Neal Bawa and GC but didn't see anyone giving feedback on a project that had sold to completion.  There were complaints about a new construction in New Braunfels, but that is different from a value add.

At this point, their website (https://grocapitus.com/our-portfolio/) shows 6 completed MF exits, in GA, FL, TX, AZ and SC, with IRR from 16 to 21%. Most have exited since the earlier thread's activity, so I'm starting a fresh thread asking members here, did you participate in any of the completed deals and was your experience and return as advertised?

Please respond only about Grocapitus deals, not ones from Neal's previous operator or general comments about him or his underwriting methodology.  I'm only interested in the Grocapitus track record.  Thanks.

[Neal Bawa]

Since I work for Grocapitus, I just want to add that this useful string has convinced us to working on adding exit dates to our track record, and also add in the late 2023 and early 2024 exits that we have been a bit lazy about adding. So, you should be able to see the exits from late 2023 and early 2024 on our home page by next week. As you can imagine the recent exits have lower average IRRs than the ones before, but did outperform proforma.

We do have to agree with the comments on this string that our earlier exits did benefit from the 'all ships rising' effect. No doubt about that.