ALPC Alpha Investment Inc (CE)

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Item 1.01

Entry into a Material Definitive Agreement.

On January 31, 2019, Alpha Investment, through Jersey Walk Phase I, LLC, a newly formed Special Purpose Vehicle LLC (“SPV”) entered into a Sale of Membership Interest Agreement (the “ Purchase Agreement ”) with CMT Developers LLC (“ CMT ”).  Pursuant to the Purchase Agreement, we acquired  100% of CMT’s membership interests, valued at $45.0 million in exchange for the issuance to CMT of 3,000,000 shares of our common stock registered in our direct public offering covered by the effective Registration Statement on Form S-1 (File No. 333-221183), at a purchase price of $15.00 per share.

Through its ownership of CMT, the Company now holds title to an approximately six acre parcel of land in Elizabeth, New Jersey, on which  274 luxury apartments are under construction in Phase 1 of the development with an additional 400 units to be added in Phase II of the development.   Some additional highlights of the project are: (a) its location in Elizabeth, from which New York City is accessible within 30 minutes and  Newark Liberty International Airport is accessible within ten minutes by public transit; (b) the 30-year PILOT program which covers the property significantly reduces real estate taxes; (c) property’s location  is in a redevelopment zone with a full site plan created and approved by the City of Elizabeth; (d) continued increases  residential rents in the immediate area, which have hit $30.00 per square foot; and (e)  low vacancy rates in the area, which  are approximately  2.4%.  In connection with the transaction, the Company will assume the responsibility for payment of the current $15,500,000 property.

Further, the property has a November 2018 MAI “ As Is ” appraised value of $44,800,000, with an “ As Completed ” appraised value of $82,100,000, which is expected to add substantial net equity to the Company’s balance sheet at the end of Q1 2019.   Moreover, the Company intends to complete a new appraisal by the end of Q1 2019 required for GAAP reporting requirements of a public company.

Item 2.01

Completion of Acquisition or Disposition of Assets.

The disclosure set forth in Item 1.01 of this report is incorporated herein by reference.

Item 9.01