We have purchased a 100-unit apartment community in Fort Worth, TX for $9,300,000 which is a well under-market value.
The Flats on Handley has fantastic value at $93,000/unit while comparable properties in the area are selling for $115,000/ unit. It is everything we look for in a “value-add” project and is the best opportunity we’ve seen for this size project in years.
We’ve negotiated an excellent bridge loan, $8,760,000 at 3.9%, for the purchase with Ready Cap Commercial. This is a three year term with two 12 month extensions available.
As typical of Ironridge projects, we will perform a major cosmetic overhaul of the property and bring rents in line with more modern properties. Our renovation budget is $1,860,000 and detailed herein. We have hard bids for the work to be completed with contractors we’ve used.
100 Units
size
January 7, 2022
Purchase Date
TBD
Sale Date
5 to 10 Years
Hold Period
TBD
Equity Returned via Refinance
TBD
Cash Flow
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