Topic: Texas High Yield Apartment Portfolio

We currently are recapping a 294 unit Texas High Yield Apartment Portfolio.
High level summary

294 units
93% occ
Currently rehabbing 11 down units that we will stabilize by the end of July increasing NOI another $8k-10k per month
Also currently pushing rents on new leases and renewals $25-95 per month
$11mm acquisition price
$7.1mm senior 5.25% 5 year balloon with 30 year am
$3.9mm equity ( We are reapportioning some of our own $3mm in equity now)
Looking for ~$250k-$2.0mm lp investments
10% annual pref paid quarterly current
100% of annual excess cash flows goes to LP thus reducing and resetting the next year’s capital account
4-5 year hold ( We are also looking at rolling the portfolio into a Freddie/Fannie small balance loan towards the end of the year which would reflush some LP equity back as well)
Targeting ~27% IRR on 4-5 year, 33% on 3-4 year

Let me know if you have any further questions. I also have all third party reports on each of the assets when needed as we closed this portfolio on 1/8/16.

All the best,

Beck

We are looking for Comm and Res Portfolios /Assets/Notes
Gordon Meadows
#512.387.0504

Thanks for the response. This particular portfolio is stabilized and we are bringing on 11 additional down units. We are looking for partners who like apartments and the 10% annual pref quarterly distribution. If you or any apartment investors want to partner with us.. we have about $2mm of availability in this apartment investment.