Investment Properties
Portfolio
Under Renovation Del Mar Apartments
- Projected IRR of 19.97%, 2.05 multiple to investor
- Closed 6/2022
- 48 units built in 1978
- Purchase price: $73,105,115
- $9,270,000 proposed capital improvement program
- 3 year I/O, fixed rate bridge debt at years 1-2
- Refinance after year 2 with Freddie Mac 5 year fixed debt
Under Renovation Eastbank Apartments
- Projected IRR of 25.86%, 2.66 multiple to investor
- Closed 3/2021
- 48 units built in 1970
- Purchase price: $1,833,000
- $1,200,000 proposed capital improvement program
- 2 year I/O, fixed rate bridge debt year 1
- Refinance with Freddie Mac 5-year fixed debt
Under Renovation City Heights Medical Center
- Projected IRR of 24.96%, 2.45 multiple to investor
- Closed 3/2022
- 178 units built in 1974
- Purchase price: $17,592,745
- $2,403,000 proposed capital improvement program
- 3 year I/O, fixed rate bridge debt year 1
- Refinance with Freddie Mac 5-year fixed debt
Under Renovation City Heights South
- Projected IRR of 24.48%, 2.34 multiple to investor
- Closed 3/2022
- 201 units built in 1972
- Purchase price: $19,570,325
- $2,713,500 proposed capital improvement program
- 3 year I/O, variable rate bridge debt at years 1
- Refinance with Freddie Mac 5 year fixed debt
Under Renovation La Estancia
- Projected IRR of 19.39%, 2.07 multiple to investor
- Closed 10/2021
- 307 units built in 1970
- Purchase price: $34,673,293
- $4,904,939 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
Under Renovation Casa Verde Apartments
- Projected IRR of 19.99%, 1.98 multiple to investor
- Closed 7/2021
- 384 units built in 1973
- Purchase price: $47,775,813
- $5,506,560 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
Sold Red Pines Apartments
- Projected IRR of 23.6%, 2.29 multiple to investors
- Closed 3/2021
- 242 units built in 19xx
- Purchase price: $25.9M
- $2.24M 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
Under Renovation West Ridge Apartments
- Projected IRR of 18.53%, 2.09 multiple to investors
- Closed 11/2020
- 256 units built in 1980
- Purchase price: $21,504,000
- $4,487,000 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
Under Renovation Main Ridge Apartments
- 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
Sold Ridge Point Apartments
- IRR of 22.58%, 2.23 equity multiple to investors
- Closed 3/2020
- 168 units built in 1980
- Purchase price: $18,933,298
- $2,257,688 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
Sold Green Tree Place Apartments
- Projected IRR of 17%-18%, 2.05 multiple to investors
- 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
Sold Pine Lake Apartments
- Projected IRR of 17%-18%, 2.05 multiple to investors
- 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