Disposition of District Flats

[Zach Haptonstall]

Investment Info:

Large multi-family (5+ units) buy & hold investment in Mesa.

Purchase price: $13,000,000

Sale price: $18,200,000

DISTRICT FLATS
112 UNITS
Mesa, AZ​
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ACTUAL PROJECT LEVEL RETURNS

• Disposition Date : May 2021

• Sale Price : $18.2M, $162.5k/Unit

• Equity Multiple : 1.95x

• Internal Rate of Return : 83.7%

• Average Annual Return : 84.9%

• Hold Period : 13.5 Months

Acquisition Date : March 2020
Purchase Price : $13M
Down Payment and Renovation Costs : $5.15M
Loan : 10-Yr Floating Interest Rate, Non-Recourse Agency Loan
Deal Structure : 506(B) Syndication
Unit Mix : 33 Studio | 78 1BR/1BA | 1 2BR/1BA
Projected Hold : 2-5 Years

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

https://azbigmedia.com/real-estate/rise48-equity-sells-district-flats-off-dobson-apartments-for-18-2m/