Investment Overview

In October 2021, Lesha Bank successfully exited Kennedy Flats, its first real estate investment in the US when it turned around its business model and started its Shari’a-compliant real estate program.

In May 2018, Lesha Bank acquired a 99% stake in Kennedy Flats, a 374-unit class A multifamily residential building. Located in Danbury, a thriving and diverse city in Western Connecticut, the property was built in 2016 within walking distance of Danbury Metro North Train Station.

Kennedy Flats witnessed a successful exit 3.25 years after the initial purchase and investors were paid their full capital plus approximately 12% in annualized coupons for 2021 after the uninterrupted distribution of 8% per annum. With Kennedy Flats, Lesha Bank’s 5-year investment target was met returning all capital and profits to investors by generating an IRR over the target 9.5% net of all fees, costs and taxes.