Loan Oak
Overview
Tzadik & Elevate are under contract to purchase Lone Oak (396 units) in Weatherford, TX. The property was newly constructed in 2020 with the last certificate of occupancy issued in December 2020. Lease-up activity is strong with physical occupancy of 92%. There were 27 leases recently signed in August 2021 for an average rate of $1.59 PSF and the total unit mix is currently renting for $1.39 PSF representing significant upside for future leases. In addition, we plan on implementing several value-add strategies to increase net operating income and the value of the property.
Location
DISCLAMER: Although information has been obtained from sources deemed reliable, neither Owner nor Tzadik Management makes any guarantees, warranties or representations, express or implied, as to the completeness or accuracy as to the information contained herein. Any projections, opinions, assumptions or estimates used are for example only. There may be differences between projected and actual results, and those differences may be material. Neither Owner nor Tzadik Management accepts any liability for any loss or damage suffered by any party resulting from reliance on this information. If the recipient of this information has signed a confidentiality agreement regarding this matter, this information is subject to the terms of that agreement.
Property Summary
|
Address |
1801 Lone Oak Rd, Weatherford, TX 76086 |
|
Purchase Price |
$78.5M |
|
Total Units |
396 |
|
Price/Unit |
$198k |
|
Property Type |
Multifamily |
|
Class |
A |
|
Year Built |
2020 |
3 Year HolD
|
Equity Required |
$5.8M |
|
IRR |
38% |
|
Equity Multiple |
2.6x |
|
Average Cash on Cash |
7.2% |
