Pine Lake Apartments

  • Closed 6/2019
  • 96 units built in 1984
  • Purchase price: $6,410,000
  • $889,000 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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