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Main Ridge Apartments
Houston
,
TX
Projected IRR of 21.47%, 2.30 multiple to investors
Closed 11/2020
264 units built in 1980
Purchase price: $22,176,000
$4,626,800 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
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