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Green Tree Place Apartments
Houston
,
TX
Closed 10/2019
196 units built in 1973
Purchase price: $14,750,000
$2,225,000 proposed capital improvement program
3 year I/O, variable rate bridge debt at years 1-2
Refinance after year 2 with Freddie Mac 5 year fixed debt
Projected IRR of 17%-18%, 2.05 multiple to investors
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