01
The opportunity
February 2017
Acquire through a specialized process.
HH Fund purchased GrandMarc through a CMBS special-servicer auction, establishing a basis for the investment and bringing the community under in-house management.
Portfolio / Investment Case Study
GrandMarc: capital returned, ownership retained.
An auction acquisition near UC Riverside, supported by international leasing and long-term operating execution.
Refinance and return of capital
A long-term approach to a university community.
GrandMarc at University Village offered an opportunity to acquire a 760-bed student housing community through a special-servicer auction. Its location near the University of California, Riverside provided the foundation for a university-focused operating plan.
- Location
- Riverside, California
- Property
- 760 beds · 212 units
- Period covered
- Acquired February 2017 · Refinanced June 2026
760Student housing bedsRiverside, California
15.8%2025 net cash-on-cash yieldReported net to investors for calendar year 2025
June 2026Refinancing completedInvestors retained ownership
How we put the plan into practice.
02
Our approach
2017–2026
Sustain leasing and operating performance.
In-house management and international leasing supported the community through changing market conditions, including the COVID period. Investor distributions were paid in every year of ownership through the case-study reporting period. The 2025 net cash-on-cash yield was 15.8%.
03
The milestone
June 2026
Return capital while continuing to own.
An agency refinancing brought cumulative net distributions above original investor equity. Investors retained ownership of GrandMarc, allowing the operating plan to continue beyond the refinancing.
Value creation beyond an exit.
GrandMarc demonstrates how acquisition execution, leasing, and active management can support a refinancing milestone within an ongoing investment.
Explore Our StrategyAbout this example.
The 15.8% net cash-on-cash yield relates to calendar year 2025. Capital-return statements reflect cumulative net investor distributions through Q2 2026, including refinancing proceeds representing a return of capital. They do not describe profit alone. GrandMarc remains an unrealized holding.
This selected example is not representative of all investments. Past performance is not indicative of future results.
Source: HH Group investment and operating records, as summarized in the case-study materials.
Investor relations
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Contact investor relations for further information about the investment, its reporting period, and the applicable performance methodology.