ALDER SOMERSET II, LLC
Kennesaw, GA 30152, US
Alder Somerset II, LLC is a Georgia limited liability company (the “Company”), formed on July 26, 2013 to acquire distressed residential real estate primarily located in Cobb, Paulding, Cherokee and Bartow counties (the “Northwest Metro Atlanta”) (investments are referred to herein as “Portfolio Assets”). We are focused on acquiring, renovating, leasing and operating single-family homes as rental properties in Northwest Metro Atlanta to generate attractive, risk-adjusted returns for our Members through distributions and capital appreciation.
The Company currently owns twenty five (25) single family residences (our “Properties”) and has an additional fifteen (15) properties under contract. The Company intends to use the proceeds of this Offering to purchase over 100 properties using a series of cash-out refinancing transactions following stabilization with 75% debt leverage to recirculate cash into additional property purchases.
These homes are located in neighborhoods that we believe remain desirable places to live, despite significantly impacted home prices. We are focused on acquiring homes with a number of key property characteristics, including: (i) construction after 1990; (ii) three or more bedrooms; (iii) two or more bathrooms; (iv) a range of $100,000 estimated minimum valuation to $200,000 maximum bid price; and (v) estimated renovation costs not in excess of 25% of estimated value. We target areas with above average median household incomes, well-regarded school districts and access to desirable lifestyle amenities. We believe that homes in these areas will attract tenants with strong credit profiles, produce high occupancy and rental rates and generate long-term property appreciation. Not all of the homes that we may acquire will meet all of these criteria, especially if acquired as part of a bulk purchase.
Products / Services
Purchase, Renovate and Rent Distressed Residential Properties
Alder Somerset II, LLC was formed to acquire distressed residential real estate primarily located in Cobb, Paulding, Cherokee and Bartow counties (the “Northwest Metro Atlanta”). We are focused on acquiring, renovating, leasing and operating single-family homes as rental properties in Northwest Metro Atlanta to generate attractive, risk-adjusted returns for our Members through distributions and capital appreciation.
• ASII now has 36 properties purchased and another 8 under contract. We hope to be at 100 homes by Spring 2015.
• We’ve raised over $1 million in investor equity and $3,763,621 in mezzanine and bank debt to fund purchases and renovations.
• Appraisals have come in well-above our expectations – on average 13.65% above our costs on average resulting in $680,105 in owners’ equity.
Managing/Manager Operating Officer
Adam R. Chance – Adam Chance is an experienced real estate developer with an understanding of the entire development process from land acquisition to construction management. Adam is currently an owner/managing member in several different real estate holding, construction, and property management companies. These companies include Southern Masterpiece Homes, LLC, Southern Living Management, LLC, and Winn Chance, LLC.
Managing/Manager Executive Officer
Patrick Gahan is an experienced business owner with an understanding of the financial and operational cost efficiency involved in the organization and execution of various types of businesses. Between 2005 and 2010, Patrick built a company, Seismic LLC, specializing in Cyber Security custom software application primarily for serving the Intelligence market. The company grew from one employee to over one-hundred before it was sold to Applied Signal Technologies (a subsidiary of Raytheon) in 2010. Patrick is currently an owner/managing member or financial partner in several different real estate holding, construction, and property management companies.
Patrick founded Alder Somerset, which over the period of 18 months built a portfolio of 60 single family detached rental properties through various distressed property markets delivering top quality performance metrics in comparison to other similar companies.
Managing/Manager Executive Officer
In 2008, Mr. Slipakoff founded the law firm of Busch, Slipakoff & Schuh, LLP, which currently consists of 40 lawyers.
In 2004, Mr. Slipakoff founded the law firm of Taylor, Busch, Slipakoff & Duma, LLP, which currently consists of over 100 lawyers.
From 1999 through 2004, Mr. Slipakoff was a corporate attorney with Powell Goldstein, LLP, one of Atlanta and Washington D.C.’s largest and most respected law firms. Mr. Slipakoff’s principal areas of practice include corporate finance matters such as public and private securities offerings, merger and acquisition transactions, and broker-dealer and venture capital matters. He is a frequent speaker on corporate finance topics, such as venture capital financings and private placements.
Mr. Slipakoff graduated from the University of Florida Levin College of Law. In addition, Mr. Slipakoff received an M.B.A. in Securities Analysis and an undergraduate degree in Finance from the University of Florida.