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PROPERTY DETAILS
Constructed | 2001 |
Location | Houston, TX |
Units | 230 |
Purchase Price | $30.5million |
Annual Rental Yield | 7% |
Property bought in February 2022. Generating ~7% in rent annually Projected IRR of ~16% over a 5 year hold.
The asset is a 232-unit, multifamily value-add investment in fast-growing Northwest Houston, Texas.
Completed in 2000, this property was designed with stately architecture, quality floor plans and a serene landscape making it one of the most attractive communities in the area. Parc at Champion Forest is conveniently located along FM-1960 about halfway between I-45 and SH 249, 2 minutes from Walmart and Home Depot, and a short drive to major employers, including Amazon distribution centers HOU2 and HOU7, and Hospitals HCA Houston Healthcare Northwest and Houston Methodist at Willow brook.
PROPERTY DETAILS
Constructed | 1988 |
Location | Atlanta, Georgia |
Units | 190 |
Purchase Price | $23.8million |
Sale Price | $39.5 million |
Property acquired in 2019 and successfully sold in 2023 Realizing over 24% return (rent + capital appreciation) in 5 years
The property was acquired to drive a proven value-add renovation, in order to capture rent growth potential while delivering safe returns to investors.
After just ~11 months the major capex improvements were completed (within budget) and the property was stabilized. From there we initiated two favorable refinances. These refinance resulted in ~60% return of initial equity without dilution. In the face of the Covid pandemic and skyrocketing supply costs, we successfully managed not just the property operations but the capital markets as well.
We exited at 1.65x of the purchase price at an opportune time.
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