A 676 Unit Multifamily Portfolio
The portfolio is comprised of 4 properties. The owners would prefer a single transaction but are open to selling separate properties. Two must purchased as a package because they are a phase 1 and phase 2 of a single development. This effectively means there could be three separate transactions.
Professionally managed, each asset maintains a 4.5-Star rating or higher on Google since their respective openings. The sale is off-market and has not been widely marketed.
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Property 1
(236 Units) - Completed Jan. 2020 - $76MM (4% cap based on 2023 Budget from the third-party Management Company).
This property has $35MM of HUD debt that was closed in Oct. 2021 at a 2.2% rate + regular MIP of 0.6%.
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Properties 2 & 3
Property 2 (phase 1) (140 Units) - Completed June 2020 - $49MM (3.25% cap based on 2023 Budget from the third-party Management Company).
This property has $19.7MM of HUD debt that was closed in March 2021 at a 2.12% rate + regular MIP of 0.6%.
Property 3 (phase 2)(188 Units) - Completed June 2022 - $63MM (3.75% cap based on 2023 Budget from the third-party Management Company). This property is still on the construction loan, which isn't assumable. Properties 2 & 3 are separately owned, but co-managed, as seen in the 2023 budget, which splits expenses on a pro rata basis on the unit count.
Ownership applied for this HUD loan on this property in October 2023, and expect to close it in February or March 2024 with a $30MM loan amount at 4.75% interest plus 0.25% Green MIP.
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Property 4
(112 Units) - Completed Jan. 2019 - $36MM (3.25% cap based on 2023 Budget from our third-party Management Company).
This property has $16MM of HUD debt that was closed in Oct. 2021 at a 2.18% rate + regular MIP of 0.6%.