TLDR: Under contract, strong Q2 performance, and an annual meeting!
Tack is under contract to purchase Taylor Bend Apartments, a 2008 vintage community in Chesapeake, VA. The investment was sourced off market and is being sold by an out-of-state owner for whom this is their only multifamily asset.
The current owner attempted to self-manage the property for several years from out-of-state, leaving clear upside opportunities with professional management. It is being acquired at an attractive cap rate that provides immediate cash flow.
Please visit the investor portal for more details.
Taylor Bend has consumed most of Tack’s focus over the past month and will continue to do so, but pipeline activity is picking up broadly. Tack saw more new opportunities in June and July than any two-month stretch since October/November 2025, which is surprising given summer holidays and rising treasury yields.
The deal profile of Taylor Bend is also much different than what was available a few years ago: a newer asset at a reasonable cap rate with upside remaining. Reasonable price expectations for an opportunity like this was rare 2-3 years ago and is an encouraging sign for opportunities to come in late 2026 and 2027.
In Q2, all Tack investments exceeded their original underwriting forecasts. The Gardens at Manchester and 1710 Lofts benefited from strong occupancy, and distributions at both properties are well ahead of forecast. Commercial revenue at The Gardens at Manchester has also significantly outperformed.
Roof replacements and exterior painting has been completed at the Danville OZ portfolio and renovations across all three properties are underway. Butterworth and City Point Place have been owned for roughly two months, so performance is just beginning to take shape, though revenue has exceeded plan.
Separately, grant funding is supplying a substantial number of HVAC units at no cost at both The Gardens at Manchester and Sweetbay’s Roanoke 3-Pack.
Tack is hosting its inaugural annual meeting in Richmond on September 17th, covering the state of the business, market outlook, value creation case studies, and portfolio performance. It is open to current investors, prospective investors, and key partners. If you would like to attend, please let me know!
– Tucker Thompson
