Investment Highlights

• Portfolio of 244 units of a multifamily apartment complex, The Park at Orvieto in Tampa, Florida.

• Positioned to take advantage of accelerated population growth in warmer, lower-cost-of-living in Florida

• Leverages the preferences of millennials who prefer to rent out of a desire for mobility, flexibility, and a lack of affordable single-family home ownership options

• Positioned to take advantage of the resilient performance of US multifamily property through multiple economic cycles – it was the first sector to recover from the 2008 recession and has achieved superior returns through the recovery and expansion phases

• Button Capital is the leading cross-border buyer of US multifamily real estate with a presence in both North America and Greater China.

• Projected net cash yield of 7.5% p.a. (distributed quarterly) and target return of 15% p.a. net IRR

Key Trends

Healthy Demand From The Growing Millennial Demographic: Demand for multifamily rental housing has been robust in recent years. For the large U.S. millennial population (ages 22-37), renting is the most common form of housing, and while millennials are reaching life stages in which home buying typically accelerates, they are slower in moving into homeownership than previous generations due to delays in marriage and starting families. Robust demand for multifamily rental housing is also supported by a lack of affordable home ownership options, as well as a desire for mobility and flexibility and to not be burdened with home maintenance costs.

Migration To The Sun Belt: Even prior to the onset of the pandemic, the rise in businesses and people moving from high cost-of-living cities like New York and San Francisco to more affordable cities with milder climates in so-called Sunbelt states, such as Texas, Georgia, and Arizona, has been noted. This trend has also accelerated through the pandemic, as the transition to widespread work-from-home business models has allowed workers to untether their lives from physical workplaces. Given that this change seems very likely to be a permanent feature of the American economy, the Forbes Real Estate Council expects increased migration to the Sunbelt to continue over the long term.

About The Issuer

Button Capital Limited is a global private equity real estate investment firm with offices across Asia and the United States. Founded in 2013 by a team of seasoned real estate professionals, Button Capital has invested over $200 million of equity into 48 properties across 11 states. With over 13,250 units under management and nearly $1 billion in assets, Button Capital has achieved a track record of 18.5% net IRR and 6.75% average cash yields for its investors.

Button Capital’s co-founders and partners boast decades of combined experience at leading institutions such as BlackRock, Deutsche Bank, Goldman Sachs, and Shearman & Sterling. With expertise spanning real estate acquisition, asset management, development, and financing, the team brings together innovation from Asia with on-the-ground expertise from across the United States. This market knowledge and extensive network enables Button Capital to source and execute value-add opportunities, overseeing repositioning to enhance returns.

With a global presence and offices across Asia and the United States, Button Capital is dedicated to serving the needs of its international investor base which includes family offices, endowments, and professional investors. By maintaining local teams immersed in multiple key markets, Button Capital has cultivated a deep understanding of its investors’ objectives and risk-return parameters.