Red Pines Apartments

Pasadena, TX

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