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PROJECT & TIMING
MULTIFAMILY
PROPERTY TYPE
ACQUISITION
PROJECT
116
UNITS
1974
YEAR BUILT
5 YEARS
HOLD PERIOD
SEP 2022
CLOSE DATE
24 MONTHS
CAPEX/BUILD DURATION
YEAR 2
REFI YEAR
4.50%
ENTRY CAP RATE
5.50%
EXIT CAP RATE
$5.4 MM
EQUITY
$8.4 MM
DEBT
$13.8 MM
TOTAL COST
$118 K
COST/UNIT
7.25% | 67%
INT RATE | LTC
19% - 23%
TARGET IRR
2.0x
EQUITY MULTIPLE
$3 MM
REFI PROCEEDS
$6.5 MM
SALE PROCEEDS
$50,000
MINIMUM INVESTMENT
CAPITAL STRUCTURE & RETURNS
MARKET & LOCATION
1
HIGH RENT GROWTH
Through 2021 and 2022 this submarket has seen 4.5-5.5% annual rent growth
2
SECONDARY MARKET
This secondary market is fragmented with small private operators. Opening up the opportunity for us to enter the market and have a competitive advantage as we renovate and lease up this community.
3
STRONG EMPLOYMENT
Wichita Falls is built on a solid foundation in the manufacturing, aerospace and aviation sectors. This market holds strong with 3.4% unemployment.
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