TX 408 unit acqusition

[Dan Brisse]

Investment Info:

Large multi-family (5+ units) commercial investment investment in Fort Worth.

Purchase price: $1
Cash invested: $11,000,000

The Falls & Oak Village is a 408 unit apartment community located in Fort Worth, TX that consists of two phases, the 256-unit The Falls (YOC 1976) and the 152-unit Oak Village (YOC 1980). The two properties are adjacent to one another and run as one property out of one leasing office. The property will be rebranded as one single property after our team acquires the property. The Falls & Oak Village is situated only 10 minutes West of downtown Fort Worth and offers a simple commute too many employers including Lockheed Martin, Joint Reserve Base, Ridgmar Mall and the Walsh Ranch Development. Fort Worth is one of the nation's fastest growing major cities in the United States.

The property is very well maintained and consists of 46 buildings in total which are comprised of Hardie plank, brick and stucco exteriors with pitched composition roofs on concrete slab foundations. The previous owners had invested over $4,000,000 into renovations over the past four years. New siding, exterior paint, new roofs, interior improvements and new common area amenities have been installed and created. The amenities at The Falls and Oak Village exceed expectations as the property comes well equipped with 2 swimming pools, soccer fields, playgrounds, dog parks, grilling areas and onsite laundry facilities. The wide array of amenities are a fantastic draw for new and current tenants at the property.This property is projected to cash flow approximately 10% for our limited partners and produce around a 15% annualized return.

What made you interested in investing in this type of deal?

The market it is located in and the economies of scale

How did you find this deal and how did you negotiate it?

This property was listed by a well known broker

How did you finance this deal?

Freddie Mac Floater

How did you add value to the deal?

Interior Rehab, unit conversions and expense reduction