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Some see what’s standing there.We see what it could be.

P3 PropertiesTrack record

Track record

What we have sold,
recapitalized and refinanced.

Sales, recapitalizations, refinancings and appraisals are listed separately below, and each figure says which one it is. The terms are defined at the bottom of the page.

Sales and a recapitalization

Two sales
and a recapitalization.

  1. Smithville SquareGalloway, NJ · Retail redevelopment · 107,000 SFSold · Mar 2016 to Aug 2024Levered net IRRBought for $4.2M, sale price $13.7M.
  2. Broadacres Office ParkBloomfield, NJ · Office value-add · 385,000 SFSold · Mar 2017 to May 2021Levered net IRRBought for $31.0M, sale price $52.8M.
  3. MCC BlueParsippany, NJ · Office repositioning · 530,000 SFRecapitalized · Dec 2017 to May 2021Levered net IRRBought for $60.0M, recap valuation $113M.

Levered net IRRs as reported by P3, net of expenses including P3’s 30% carried interest; no management fee was taken on these deals. Purchase, sale and recapitalization figures are property-level prices, not investor proceeds or multiples. A recapitalization is not a sale. Selected transactions, not the full portfolio. Past results do not guarantee future results.

Business plans carried through

Three properties,
refinanced onto permanent debt.

Each was bought with short-term debt and a plan. The plan was carried out, and the debt was replaced with long-term financing. The properties are still owned.

  1. Henson CreekTemple Hills, MD · 450 unitsBridgeFreddie Mac permanentRenovated 200 units, strengthened operations, then moved to agency debt.
  2. Heron LakesColumbia, SC · 216 unitsBridgeSantander permanentRenovated all 216 units, raised rents, stabilized occupancy and refinanced.
  3. CoxCro CenterToms River, NJ · 72,000 SFConstruction loanPermanent loanDeveloped raw land, delivered 72,000 SF, beat underwritten rents and secured permanent debt.

Working now

World of Blue
and Riverbend.

World of Blue · appraisals$40M $83MHVS, as is: Nov 25, 2025 and Sep 18, 2026, 297 days apart. Unrealized.Riverbend · weekly parking revenue$513 $5,398A week, from the end of July to the first week of October 2026. The garage earned nothing before it opened to the public in late July.

How to read these numbers

Purchase price
What the property cost to buy. A property-level price, not the equity invested.
Sale price
What the property sold for. Not what investors received: debt, costs and fees come out first.
Recapitalization valuation
The value a recapitalization was done at. The property is still owned; it is not a sale.
Levered net IRR
The annual return on the equity, after debt, expenses and P3’s 30% carried interest, over the period stated. As reported by P3.
Refinance
Replacing a loan, often short-term bridge or construction debt, with long-term financing. It can return capital. It is not an exit.
Appraisal
An independent opinion of value at a date. An appraised gain is unrealized until a sale.

Selected transactions, not the full portfolio. Figures are as reported by P3 and not independently audited. Past results do not guarantee future results. Investors with access can examine the documents behind each deal in the P3 Deal Book.