Houston 520-Unit Apartment deal - 20% IRR - Last Few Spots

[Josh Welch]

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Three Pillars Capital Group is seeking to fill the last remaining spots in a value add apartment deal in Houston. This 520 unit complex will be totally renovated to push market rents up 20% from their extremely under market rents. Deals like this are extremely rare to find where such a large difference between market and actual rents exist. We are a seasoned sponsor and operator and average well over 10% annual distributions to our investors every year based on our track record. Here are some deal highlights:

- Only room left for 7-10 investors. Most of the equity has already been raised. 

- Purchase price: $44,200,000

- Renovation Budget: $10,000,000

- 8% preferred return, 20% IRR, 5 year hold

- Proven execution on sister property from the same owner on same street. This property has already generated 4% of distributions in 6 months of ownership. Rents have been increased on 30% of the property 15-20%. Same business plan applies to these new properties

- Accredited investors only (must make $200k annual past 2 years, or net worth of $1M)

Please reply to Josh more information. Must have commitments and funds in by next Wednesday, Oct 14th.