Investment Properties
Portfolio
Sold Malibu Apartments
- IRR of 29.83% to owners during 2 year hold
- Closed 7/2018
- 13 units built in 1975; 14th unit added
- Purchased for $900,000
- $365,000 capital improvement program underway
- I/O bridge debt at 80% LTC, 100% of rehab cost at 7.99%
- Currently under contract for sale at $2,050,000
Refinanced Beacon Apartments
- 3 year IRR of 16.2% to investors prior to refinance
- Closed 10/2016
- 40 units built in 1965
- Purchase price: $5,885,000
- $1,400,000 capital improvement program
- Freddie Mac 3 year variable debt at 3.5%, 3 year term
- Refinanced in 2019 with Freddie Mac fixed debt at 3.82%, 5 year term
Sold Innsbruck Apartments
- IRR of 22.1%, 2.2 multiple to investors
- Closed 11/2015
- 30 units built in 1964; 31st unit added
- Purchase price: $2,600,000
- $900,000 capital improvement program
- Freddie Mac fixed debt at 3.82%, 5 year term
- Sold 12/27/2019 for $5,975,000