Case Study

Texas Re- Entry Acquisition

Property: Cranbrook Forest – 260 Units
Acquired: July 2018

Opportunity:
Value-add re-entry into the bustling Houston market. Cranbrook Forest at time of acquisition had an economic occupancy of 68% despite the Houston multifamily showing strong appreciation and momentum with occupancy, absorption, rental rates, and job growth on a positive slope year after year.

Total Capitalization

18M

Cash on Cash

Internal Return Rate

Equity Multiple

Challenge

Obtaining Creative Financing
Rebranding the Asset
Leasing Up/Stabilizing the Occupancy
Clearing Up AR
Deferred Maintenance
Partnering With a Syndicator Group

Execution

Due Diligence Completed in 2 Days
Capex and Proforma Budgets Completed Within 5%
Staffed and Trained Property Two Weeks Before Closing
Stabilized Asset and Beat Proforma Targets By 60 Days

Testimonial

“Texas offers a myriad of strong investment opportunities. Despite the devastation from Hurricane Harvey and economic struggles due to the oil industry slump, Texas is known for housing many innovative technology companies and will most definitely continue to grow.”
SVP of Business Development

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