Investment Management
For more than 125 years, NRI has built its reputation by approaching development, construction, management and investment with a long-term perspective and holistic process. Our mission is to pursue and develop projects based on demand, stability, and opportunity with strong partnerships and integrated solutions.
To date, NRI and our associated affiliates have developed and managed approximately $2.5B dollars of real estate with over $650M+ of legacy assets currently under construction and management within two core university markets: University of Miami in Coral Gables, FL, and the University of Florida in Gainesville, FL.
We continue to focus our portfolio by aligning with strategic operating partners in pre-selected markets that demonstrate a stable trajectory of growth. NRI has developed a defensive investment strategy designed to be less susceptible to market volatility, while being able to continue to perform in a variety of market conditions, including economic corrections.
Over the past decade we have continued to expand alliances with proven operating partners and investors. Through these strong partnerships and our comprehensive investment process, we have provided positive returns and notable legacy assets for our stakeholders and communities.
This successfully positions NRI to grow its investment management focus for the future.
NRI Historical Performance
Paseo de la Riviera
Coral Gables, Florida
Paseo de la Riviera is a mixed-use project comprised of two buildings; a residential building with approximately 204 residential units and a complementing landmark hotel with approximately 245 rooms, including a presidential suite.
Gables Station
Coral Gables, Florida
Gables Station is an ambitious, transit-oriented development within the growing commercial corridor of Coral Gables, Florida. The mixed-use project will feature 495 multi-family units and 105,000 square feet of ground floor retail space.
West 38th
Gainesville, Florida
West 38th is a 64-acre, mixed-use project located in Gainesville, Florida at the West entrance of the University of Florida. The land along the northern boundary will remain a protected wetland sanctuary and serve as a natural amenity and research park for the University of Florida and the City of Gainesville.
Minneapolis, MN:
240,000 Square Foot Acquisition
In 1998, we acquired and conducted a major reposition of an office warehouse within the urban core of Minneapolis.
After the building was acquired and repositioned, it subsequently sold years later in 2006 for 3.2 times cost or a 320%
return on cost.
Newton, Massachusetts:
100,000 Square Foot Acquisition
We acquired a manufacturing facility in 2005. Property improvements were demolished and a 240,000 square foot mixed-use facility was subsequently constructed. The property is still being held in our portfolio with an unleveraged net operating income currently yielding 18.7% of project cost (i.e. an unlevered annual cash on cash return equal to 18.7%).
Cleveland Heights, Ohio:
100,000 Square Foot Acquisition
In 2003, we acquired a vacant site in suburban Cleveland and construction was completed in 2004. The project involved the development, construction and leasing of an industrial building. The project was sold in 2006 for 1.8 times initial project cost or an average annual return of 22% to the investment, not including the returns added by annual cash income.
Brighton, Massachusetts
150,000 Square Feet
In 2003, we acquired a light manufacturing facility in urban Boston. Most of the property improvements were demolished and a 180,000 square foot mixed-use facility was subsequently constructed. Total project cost was $13,750,000 and it sold in 2006 for $32,500,000, 2.36 times the initial investment. The return generated by the increased value was over 33%.
Self-Storage Portfolio
Across Northern United States
NR International has successfully created, developed, and managed one of the largest portfolios of self-storage throughout much of the Northern United States.
In 2006, approximately 4 million square feet of self-storage space was sold at a multiple of 16.5 times the projected income in 2007.
RIVERWALK
Philadelphia, PA
The River Walk Project is an urban redevelopment that is planned to complement the City’s growth and revitalization along the Schuykill River in downtown Philadelphia. The project encompasses over 8.5 acres which will include residential, commercial, retail, hospitality and other amenities serving Logan Square and surrounding areas.
CANAL STREET MALT HOUSE
Baltimore, MD
Canal Street Malt House is an industrial warehouse (circa 1860), which was elegantly converted in 2005 into 13 luxury loft residences adjacent to a newly constructed, retro-styled loft building consisting of 25 units. The structure features magnificent lofts that have been heralded as “the largest multi-family units for sale in the City of Baltimore.”
Vista Village
Orlando, Florida
Lake Vista Village, located in the heart of Orlando and adjacent to the Marriott World Center was a planned mixed-use project programmed in line with the ever growing market demand of quality hospitality, retail and residential in a well planned community setting near Disney World along I-4. The project site was over 49 acres consisting of 1,438 hotel, residential, and or time-share units , all with supporting ancillary space for administrative offices, maintenance, service, restaurants, meeting and recreation uses. Upon planning completion, the project was sold for over a 24% unlevered return.
Circle South
Nashville, Tennessee
The NRI CSD investment was a vehicle that made a significant mezzanine loan investment. The loan was outstanding for 14 months, generating an approximate return of 15% (net of expenses) for investors.
