Class B Value Add $24m

Class B –

1962 Built

Value- Add

$24,5MM + 1.5% Fee if the buyer assumes the existing $11.5M CMBS loan, 5.19% rate, interest only for another 2 years and with a total of 7 years left. The alternative would be to pay the prepayment penalty of $3M and the sales price would need to be $27,5MM + 1.5% Fee.

 

Parking Type

Spaces

                Surface

758

               Covered

150

 

 

Important to note that 141 units out of the 300++ are townhomes. This property has a unique unit mix with historically very high occupancies of 96-98%.


P&L and Note, major renovations have been completed on 85% of the roofs during the past 2-3 years. Some HVACs and boilers were also switched out in last few years. The property is well maintained but units have not been massively renovated. 

Nda required

Brent Powell 512-537-2646

Dslacquisitions@gmail.com

 


Rents are relatively low at this property which also explains the consistent occupancy of 98-99% as well as a waiting list for occupancy.  Unit renovations will enable a new owner to achieve a nice increase in rents.


 



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