Piping Rock Partners Announces the Sale of Fox Pointe Apartments and a 27.33% Net IRR
BISWIRE/Sept. 8, 2025 — Piping Rock Partners, an investment firm focused on Midwest value-add multifamily real estate, has announced the successful sale of Fox Pointe Apartments, a 120-unit multifamily property in Columbus, Indiana. The $13,750,000 sale closed in Q2 2025 and achieved the following net returns over the 15-year hold:
- 27.33% Net IRR
- 6.56x Net Equity Multiple
- 45.10% Average Annual Return
These results are an example of Piping Rock’s strategic focus on smaller Midwest markets that can offer meaningful growth, stable cash flow, and significant value creation opportunities. Piping Rock has successfully executed this strategy in the Midwest across multiple cycles.
Piping Rock purchased Fox Pointe in 2010 in a joint venture with a family office partner and invested over $1 million in upgrades and improvements within the first 12 months of ownership. These investments included new roofing and siding property-wide, new parking lots, a full clubhouse remodel, and comprehensive interior upgrades such as new appliances, cabinetry, countertops, flooring, and lighting.
Six years after the acquisition, Piping Rock refinanced the property’s mortgage with new long term debt fixed at 3.05%. The proceeds were sufficient to return 100% of investor capital, satisfy the 8% Preferred Return, and produce a 21% net Limited Partner IRR. The refinancing fully de-risked the investment, and the inexpensive fixed-rate debt helped generate additional attractive recurring cash flows for investors. In 2023, Piping Rock refinanced the property yet again, returning another multiple of capital and further de-risking the investment.
“Our original business plan was to hold Fox Pointe long-term for cash flow using fully amortizing, fixed rate HUD 223(f) financing,” said Christopher Germain, Founder and President of Piping Rock Partners. “But the strength of this Midwest market and the success of our renovation strategy created greater upside than we anticipated, and we decided it was time to return capital to our partners.”
About Piping Rock
Piping Rock Partners has been investing in multifamily real estate in the Midwest since 2006. We offer accredited investors access to focused private market opportunities designed to preserve wealth, generate tax-efficient passive income, and unlock potential for significant capital appreciation. Piping Rock operates a vertically integrated real estate investment and management platform focused on value-add assets, with an emphasis on markets in Southwestern Ohio, Northern Kentucky, and Southern Indiana.
Neither this press release nor its delivery to you shall constitute or be construed as an offer to sell securities. Any such offer shall only be made pursuant to an Offering Memorandum, Operating Agreement, and Subscription Agreement. Past results offer no guarantees of future returns.
