Pine Lake Apartments

Houston, TX

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