Tour 20.01.26

Tour Schedule

Noon – 1230 – Meet at Westin Lobby and travel to Brookridge – 1602 Brookridge Rd SW, Decatur, AL 35601

1PM-2PM – Walk Brookridge and travel to Harborview – 1050 Harborview Ct NE # 306, Decatur, AL 35601

2PM-3PM – Travel to Imperial Gardens – 2024 Memorial Pky NW, Huntsville, AL 35810

 

Extra Tours

Garden Place (Class C) – 3007 Hood Rd SW, Huntsville, AL 35805

Silver Stone (Class B) – 4110 Triana Blvd SW, Huntsville, AL 35805

Wedgewood (Class C) – 4111 Newson Rd SW, Huntsville, AL 35805

Treehaven (Class B) – 3913 Talwell Dr SW, Huntsville, AL 3580

 

5PM+ Dinner – Westin – 6800 Governors W, Huntsville, AL 35806

Address 1602 Brookridge Rd SW, Decatur, AL 35601 1050 Harborview Ct NE, Decatur, AL 35601 2024 Memorial Pky NW, Huntsville, AL 35810
Name Brookridge Apartments Harbor Village Apartments Imperial Gardens Apartments
Closed Date
# of Units 171 100 136
Opportunity Type: Garden Garden Garden
Purchase Price (in Millions): 8.1 4.6 6.0
Price Per Unit: $47,368 $45,500 $44,118
Average Current Rents per Month $477 500 $531
Market per Month $695 700 $722
% Increase to Market Rents
Current Occupancy: 95 100 85
Location: Huntsville, AL Huntsville, AL Huntsville, AL
Likely Exit Strategy: 6 year exit (refinance in year 4 not in proforma) 6 year exit (refinance in year 4 not in proforma) 6 year exit (refinance in year 4 not in proforma)
Year Built:
HVAC System: Central Central Central
Average SF on 1 bed
Rent per SF
Roof Type: Asphalt Asphalt Asphalt
Other Amenities: Pool Pool Pool
Population Growth:
Unemployment Rate:
Assumed Rent Increases: 2 2 2
Assumed Annual Expenses Increases: 2 2 2
Assumed Annual Addition Income Increases: 2 2 2
Employers in Vicinity: Redstone Arsenal/Toyota/Mazda Redstone Arsenal/Toyota/Mazda Redstone Arsenal/Toyota/Mazda
Projected Total Return For Investors: 119 117 105
Projected Year 1 Cash Flow For Investors: 3.5 4 4
Projected Cash Flow For Investors (First 5 years):
Projected IRR For Investors: 16.06 15.76 18.46
Projected Cash Flow Distributions: Quarterly Quarterly Quarterly
Investor Preferred Return: 10% or 75/25 10% or 75/25 10% or 75/25
Financing Type: Fannie Bridge Bridge
Loan Term: 75% LTV for a 7 year, 10 year, or 12 year option. 3 year, 75-80% LTC 3 year, 75-80% LTC
Dept Service Coverage Ratio:
Entrance Cap Rate: 5 5.5 5.4
Reversion (Exit) Cap Rate: 6.5 6.5 6.5
Assumed Full Occupancy: 95 95 95
Investor Profit Splits (Limited Partners/General Partners): 10% or 75/25 10% or 75/25 10% or 75/25
Acquisition Fee: 2 2 2
Asset Management Fee: 2 2 2
Distribution/Refi Fee:
Total Equity (Raise) Needed in Millions: 3.3 2.2 2.4
Improvement Budget per Unit: 3500 4000 4000
Expenses per year 3500 3200 3500
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