International soccer star Martin Braithwaite and his business partner Philip Michael are on a mission to convert 100,000 ...
TEMPLE I is the Phase I development of a 100-bed tech-powered student housing development by Temple University being developed by NYCE Companies, Inc. Phase one is 10,000 square foot, 17-bedrooms/coliving units in the North Central Philadelphia area, directly across Temple University’s football training field and two blocks campus. TEMPLE I will include a total of 4 bi-level coliving apartments, with four coliving units/bedrooms in each. Tenants will lease individual bedrooms within the apartments.
Back in July of 2014, I arrived in NYC with no SSN, credit, bank account or any network. Just $79 in my PayPal account, making “ends meet” ($500 every three weeks) as a radio host and writer.
Without boring you with trivial boo-hoo details, fast forward to April 2016, I did my first deal, it appraised north of $1 million shortly after and things went from there.
As of today, we’ve helped 800+ first-time investors of color own a piece of prime real estate.
Because of how I started, we thought it would be fitting to bring it all full circle and help others kickstart their wealth-building journey the same way I did mine: with $79.
The first smart-home powered building by Temple University, Forbes called it “the Millennial’s wet dream.” Why, we’re not sure. We do know this, however: We’ve specifically designed and built it for the end user in mind.
AI-powered VIP concierge. 24/7 iPhone Security. esports lounge and roommate-matching technology—powered by Nooklyn. (New York Times called it the “Match.com for Roommates. Seriously.)
PROGRESS: The property was acquired by NYCE in 2018 and the development is expected to be completed in the 4th quarter of 2020.
TEMPLE I is run by a seasoned team of local and international operators. We’re partnering with PBDC as project manager and joint venture partner, a Philadelphia group with over $20 million in projects managed and developed in the Philadelphia metro area. In addition, co-founder is a seasoned real estate developer and former CEO of HTH Kitchen Esbjerg, a leading luxury kitchen/bath retail brand.
2200 North 11th Street, Philadelphia, PA
TEMPLE I is located right smack in the middle of Temple University’s campus, only two blocks from the class room. In fact, directly from your window, you’ll get a sneak peak of Temple’s football team.
Campus offers an urban experience with many parks, bars, restaurants and coffee shops—all in the shadow of Temple University and just one mile from Fishtown, the “hottest neighborhood in America,” per Forbes. (Did we mention that?)
A five-minute walk to class, students living at TEMPLE I enjoy easy access to Temple University and with the Temple U train station just two blocks away, downtown Philadelphia is less than a 10 minutes away.
Outside of campus life, the property is three blocks from the train that takes you directly to 30th Street Station, Philadelphia’s main transportation hub and Amtrak’s third-busiest station behind Union Station in DC and Penn Station in New York.
Temple University is one of the hottest real estate markets in the country. Sitting in a historic, gentrifying North Philadelphia neighborhood, Temple University has set application and enrollment records every year since 2013—creating insane demand for quality student housing product.
More than 88% of Temple students live off campus and occupancy in North Central Philadelphia was over 95% with the vast majority living in old townhouses. The following table outlines the set of comparable properties that we have used to base our rental assumptions:
We are offering equity interests in the TEMPLE I development project. Investors will receive an 8% preferred return. In addition to having a piece of the project, investors will be able to track their investment in our upcoming app, set to launch in Q4.
We acquired the TEMPLE I parcel on March 12, 2018, for $113,000 including closing costs. To date, we have completed approximately half of the construction and anticipate additional costs of $600,000. To date, NYCE has been funding the project—there is no outstanding debt on the property.
Upon completion, we intend to operate Temple I as a student-housing co-living property where students rent individual bedrooms. The chart below provides our estimates for operating the property.
Investors will receive returns from cash flow derived from our rental operations as well as upon the sale of the property. We are estimating that investors will receive a 12%-15% annualized IRR. The following chart outlines the estimated returns based on a $1,000 investment at the 8% preferred return.
According to Duke University, real estate/home ownership would narrow the racial wealth gap by 31%. So this is why we launched a mission to help marginalized groups become first-time investors
Since April, over 800 first-time investors of color have invested $727K+ in our real estate portfolio. Our goal is to bring on over 100,000 Millennial moguls to co-own the real estate with us and collectively build generational wealth.
The smallest investment amount that TEMPLE I is accepting.
Crowd IPA (Interests Purchase Agreement) is a simple agreement to acquire membership
units of a limited liability company.
Crowd IPA (Interests Purchase Agreement) is a simple agreement to acquire membership units of a limited liability company.
The price of each membership unit.
$100,000 – $360,000
needs to raise
before the deadline.
The maximum amount
is willing to raise is
TEMPLE I needs to reach their minimum funding goal before the deadline
If they don’t, all investments will be refunded.
I have joined up with Phil. He breaks everything down well about real estate as well as other investments. This is my second time investing with Phil and I'm looking forward to work with him on other upcoming real estate investments in the near future.
I invested in TEMPLE I because providing students with a safe, clean, and affordable housing option is extremely important for the future of our economy. Without these things, students transfer, fail out, or transfer to a place with better options. Temple is an amazing school with a rich history and the students deserve this.
Number one. I have an emotional alliance to Temple University, being that I'm an alumni. I also believe in the power of real estate and recognize that real estate is one arena where wealth is built. I was also impressed with the founder of the company and energized about a black professionals who have a legit investment opportunity.
NYCE is a New York City-based fintech/media holding company founded by Philip Michael and Martin Braithwaite. NYCE currently has $57 million in active real estate developments (stabilization value) in NYC Metro and Philadelphia.
A NYCE affiliate SPV called TEMPLE I, LLC.
Students around Temple University and/or employees at Temple University Hospital.
A local property management company that will report to NYCE management.
More than likely, yes. There’s skyrocketing demand for quality student housing.
Excellent question. Smaller universities have been hit hard by COVID in the short term and will be moving to virtual classes. Larger universities, however, will remain intact. That said, we have two additional hedges; 1) should COVID strike again and delay classes, we currently own 100% with no debt so we can “ride the storm,” 2) Temple University Hospital employees offer a solid base of potential tenants.
Yes, absolutely. We’re planning an unveiling party for investors.
From capital gains (appreciation of the property) and cash flow from rental income.
Investors will receive K-1s.
You can redeem your investment in 36 months, along with capital gains.
In the event of a liquidity event (refinance or sale). We are working on an option for shareholders to trade their shares via our app that’s under production.
Through the app. In addition, we will be sending out annual investor reports and hold quarterly conference calls.
No fees at the moment. There is the possibility of standard promote structure, which gives management an incentive in the event of spectacular performance.
No! You’re all set.
Good question. Despite what many think, an 8% preferred return doesn’t = a guaranteed return. No investment is guaranteed; even if a hypothetical one existed, it is illegal to claim or market an investment as such.
A preferred return simply means that investors in any project get paid first before any bonus to an investment manager is paid.
Generally speaking, a preferred return structure incentivizes the manager—who most often only put in a fraction of the investment capital—to outperform his/her “pref” (i.e. the 8% preferred the return hurdle) in order to unlock his/her compensation.
This is the structure for 95%+ of hedge funds, private equity funds, real estate development projects etc.
In this case, however, NYCE is the majority investor (90%) alongside all Republic investors.
Since the project is being developed, there won’t be any distributions until the project is complete, rented out and cash-flowing (i.e. “stabilized”). Once stabilized, all investors (including the largest investor)
A standard investment horizon for projects like this is anywhere from 3-7 years. For this deal, the lock-up period is a minimum of 36 months.
Great question. If you invested in our Wefunder campaign, you own a piece of the parent company that owns all our real estate. So yes, you’re part of the ownership that way. This offering is for the TEMPLE I development exclusively. Think of it this way: If you own a piece of Amazon you own a piece of Amazon Prime, Whole Foods and so on. NYCE = Amazon. TEMPLE I = Whole Foods. You can still own both and still get a return on both deals.
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