This project is an 80-unit affordable housing development located in Brownsville, Texas. The property is located in a prime spot and has a restaurant on the premises, an event center, a gym and a pool. It is highly visible, 30 minutes away from South Padre Island, a major tourist attraction, and is 38 minutes to Elon Musk’s SpaceX facility. The total project cost is estimated at $5.5 million, with $4 million of equity and $1.5 million of debt financing. The project is expected to generate an IRR of over 20% and a return of the initial investment via a refinancing in Year 2. Investors will receive an 8% preferred return with a 60/40 split in their favor thereafter.
Greenfield
ABOUT THIS PROPERTY
Greenfield is made up of 12 residential buildings with six 1-bedroom and 138 2- bedroom units. Future renovations will add a fitness center, dog park and updated pool area and BBQ’s. The interior upgrades to the apartments will have gorgeous new appliances, cabinet fronts, lighting, flooring and more. The seller has renovated approximately 100 units thus far, and we will finish the remaining 44 units over the next 12-18 months. The property is adjacent to the local elementary school. Tenants can walk their kids to school without even crossing the street.
The Meadows, Ridgeline at Canton
ABOUT THIS PROPERTY
The Meadows at Canton is a 736-unit apartment community at 8375HoneytreeBoulevard, Canton, Michigan. This excellent infill location is adjacent to I-275, a crucial transportation corridor for metro Detroit’s west suburbs. I-275 connects tenants to I-96, I-696 to the north and I-94 to the south. Together, this roadway network grants easy access to downtown Detroit and all major employment hubs throughout the metro area .Previous ownership acquired The Meadows in 2017. Under their ownership, they invested approximately $22.5 million of improvements including new siding, landscaping, new windows, common area hallways, exterior paint, clubhouse upgrades, and interior renovations of almost 75% of the units.
