Ridge Point Apartments

Houston, TX

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
IRR of 22.58%, 2.23 multiple to investors