Springer Capital Properties is run by Jason Ostro. The firm invests in individual multifamily properties as well as real estate portfolios. Currently, Imovina Property Managment charges a 3.5%-5% management fee, not including salaries. In 2023, their Net Operating Income was $500,000. Their Net Operating Income is expected to increase to around $700,000 in 2024.
Founded in 2019, SPCP LLC was created to oversee and manage currently owned properties. With elevating the tenant experience in mind, SPCP set out to pioneer new ways to improve relations between tenants and management. SPCP has over 1,500 units under management, with more growth anticipated soon. The SPCP family continues to grow and cultivate a group of passionate individuals who oversee daily operations. SPCP currently manages properties in eight states (Ohio, New Jersey, Kentucky, Kansas, Oklahoma, Illinois, Texas and Louisiana), and seeks to expand further.
We are trusted real estate investment advisors to business owners and senior executives of leading private equity firms and public and privately held companies around the world. We help our clients achieve superior results and strive to outperform their highest expectations with unique insights derived from deep industry relationships and a tightly integrated global team. We take on clients' challenges as our own, flex our approach and methodology to meet their needs, and proactively share insights and information before, during, and long after an engagement is complete. We adopt a rigorous analytical process and deep respect for the numbers that are used as a baseline to drive unparalleled advice.
We maintain active dialogue with real estate investors covering multi-family, logistics, mixed use, hospitality, and development land projects across Asia and US. Design innovative financing solutions including equity, acquisition financing, dividend recapitalization financing, and structured capital that meet our client's needs while optimizing terms. Leverage our financial models and data-centric strategies to support clients with actionable and measurable solution.
SPCP looks to primarily invest in affordable housing projects. These types of properties are particularly beneficial for investors, as the government subsidizes rental payments. Government subsidies provide property owners with consistent and predictable monthly rental income. Section 8 housing also has very low vacancies and tenant turnover rates, as people using Section 8 are unlikely to leave housing once found because of extremely long wait times to find other Section 8 housing. Section 8 housing greatly increases the tenant pool. As of 2022, approximately 45.2 million households in the United States rent their place of residence. Section 8 assistance would add an additional 2.3 million households to the pool of American households who rent.
Because the Government subsidizes the rent of Section 8 individuals, the tenant screening process is much more thorough. This results in higher quality tenants. Affordable housing is resistant to poor economic conditions, as people tend to prefer liquidity in times of recession and opt to rent housing instead of purchasing it. The United States Department of Housing and Urban Development offers tax incentives, such as Low-Income Housing Tax Credit. This incentive applies to individuals who are investing in affordable housing that needs significant renovations. The LIHTC program covers 30%-70% of the costs of a rehabilitation or development project.
