Mitchell Rice Email & Phone Number

Elkstone Capital is a forward-thinking real estate investment firm with a focus on the Mountain West & Sunbelt regions, encompassing vibrant markets in Idaho, Utah, Tennessee, Kentucky, and more. Our asset classes of focus include Multifamily & Hotel to MF conversions. We thrive in the space of value-add opportunities taking class C assets to class B.

Salt Lake City, Utah, US

Salt Lake City, Utah, US

Property Reserve, Inc. (“PRI”) is the commercial real estate investment arm of the reserve funds of The Church of Jesus Christ of Latter-day Saints. Building on more than 50 years of experience, PRI has established a reputation for excellence in the United States and has expanded into international markets and a broad array of product types including BTR.

Salt Lake City, Utah, US

Provo, Utah, US

• Spent 30+ hours making financial modeling YouTube videos to help train members. 600+ views (Links to videos above in "featured" tab).
• Helped members learn how to make a pro-forma, do due diligence on a potential acquisition or ground up development, and strategize for maximizing returns in CRE
• Attended weekly meetings and helped members practice technical interview questions involving cap rate, LTV, debt yield, debt service, cash on cash, IRR, equity X, etc.
• Visited the headquarters of 25+ real estate firms in NYC, Dallas, and SLC while helping members to ask good questions and stay informed about the firms being visited

Provo, UT, US

• Underwrote 10+ hotel to multi-family conversions across 4 Sun Belt markets for an aggregate deal volume of $100M+
• Consulted city planners and assessors in determining zoning feasibility, entitlement processes, impact fees, and millage rates
• Created a deal summary, equity sheet, and deal teaser for the conversion of a hotel in Indianapolis and made a business plan for the conversion of a hotel in Kansas City, both to be passed off to the in- house.
• Became proficient using real estate software systems such as COSTAR, AxioMetrics, and Yardi Matrix

Logan, US

• Sold 160 accounts in 32 knocking days, nearly halfing 2020 production in under half the time. April 23 - May 28th 2021
• Doubled sales from 180 in 2019 to 360 in 2020, raised contract value $425 to $505, and added 150 + multi-year contracts
• Promoted to train reps and open new regional office in Baton Rouge summer of 2019
• Led a team of 5 to sell 1,000 contracts by letting reps shadow me, doing goal sessions, setting personal example, and motivating them
• Delivered weekly training meetings to 20+ reps to help them understand sales process, psychology, and do role-play
• Earned a total of $206,000 in 9 months of work between 2019 - 2022 and graduated college debt free

• Created investor slide decks, venture capital per capita reports, a multifamily market survey with 20+ Salt Lake City comparables, and a report on the Draper prison re-development

Salt Lake City, Utah, US

• Syndicated a team of BYU students with construction, architectural, and finance backgrounds to compete among 20 teams in the UREC Challenge
• Tasked with designing a development to highest and best use for a tract of land in the Granary District of Salt Lake City

Provo, UT, US

• Designed and underwrote a $40M mixed-used podium multifamily project, achieving a 41% IRR to GP & 20% IRR to LP
• Collaborated with local contractors to create a detailed, construction time line and determine accurate construction costs
• Developed relationships with 6+ local property managers at comparable properties to ensure accurate underwriting assumptions for unit mix, square footage, rent prices, vacancy, amenity offerings, stabilization, sales.

New York, NY, US

• High Distinction
• Participated in an online training program that introduced real estate finance and investment strategies fundamentals.
• Attended 25+ webinars with leading professionals from JLL Capital Markets, Link Industrial, Greystar, Angelo Gordon, and others.
• Introduced to ARGUS Enterprise / Excel financial modeling basics, culminating in a simulated investment committee pitch
• Underwrote my first deal, Ascent Victory Park, a 302-unit luxury apartment building in Dallas Texas, with a proposed purchase price of $120,000,000 and a target IRR of 12%.
• Could not recommend purchase of the property at proposed price. Proposed a bid of $88,000,000 and a limit at $91,500,000 to achieve a 12.59% IRR, 2.99x equity multiple, and cash on cash of 4.64%

Lehi, Utah, US

• Worked with the COO of SimpleNexus to improve the post mortgage homeowner process
• Reported key predictions like the 30-yr mortgage rate and refinance rate directly to COO for a 2020 residential market forecast
• Pitched 10+ company executives on partnering in a lead generation program in order to increase Misc revenue upwards of 300%

Provo, Utah, US

• Presented investment thesis on a 350-unit multifamily value add acquisition to an investment committee
• Recommended a property at a purchase price of $36M to achieve an IRR of 14% and a cash-on-cash return of 9%
• Executed market analysis to find pro forma assumptions for rent growth, expense growth, renovation premium, and cap rate
• Identified rent and sales comps based on similar location, square footage, vintage, amenities, and upgrades

Studied the development of Judaism from post-Temple Rabbinic era and onwards through tomodern times, culminating with the State of Israel and the Israel-Palestine conflict. Visited important Jewish sites like the Western Wall, Hebrew Ha-Kotel Ha-Maʿaravi, Yad Vashem, The City of David, The Temple Mount, Israel Museum, Mount Nebo, The Red Sea, Tiberius, The.

Orem, UT, US

• Generated $400K of personal revenue and $100K of recruited revenue in 4 months by selling 160 alarm systems
• Attained top-30 status out of 500 door-to-door sales representatives by reaching hourly, daily, weekly, and monthly goals
• Developed strong work ethic by logging 10-hour days of knocking doors for 2 consecutive summers

Bachelor'S Degree, Entrepreneurial Management

Entrepreneurial Management, Real Estate Development

Education record