Sold
The Flats
A 105 unit apartment complex in Dallas.
This property was in extreme disrepair. We replaced the entire electrical systems, all plumbing, interior electrical, HVAC, and vent systems. New siding, facia, soffits, roofs. New windows. Many major concrete repairs and reconstruction. Interiors on 50 units were gutted, many down to the studs, and rebuilt entirely. Rents were increased from as low as $700 up to $1400 on renovated units. The property was held for several years, then sold for a large profit.
Key Points
TypeApartments
Detail105 apts
CoC yield --
Return/year 78%
Equity Mltpl 1.54X
Resale $12.5M
Investment Summary
Initial equity$1,700,000
Purchase price$6,500,000
Debt$5,600,000
Renovations$2,000,000
Total cost$8,500,000
Resale price$12,500,000.00
Gross profit on resale$4,000,000
Number years held3
Equity multiple1.54X
Appreciation p/year78.43%
Return p/year78.43%
