Ladies and Gents, I am very excited to announce that we just closed on The Silver Tree, a 98-unit value add in Phoenix MSA. This was an $8.15M acquisition, requiring a $1.3M renovation. The asset was constructed in 1984, with a great unit mix of Studio, 1×1, 2×1, and 2×2.
This was a private placement with a $3.5M equity raise, and we were able to project a 27% IRR on a 3-year, 17% on a 5-year, and a 14.5% on a 10-year hold. Berkadia facilitated the bridge debt and will execute the refinance into GSE.
Feel free to reach out for more details, or go to this page.