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