Creative Realty Partners acquired the Corey Place Apartments, a 276 unit apartment complex in Grand Prairie, TX, in July of 2018.
A $1,380,000 rehab budget (included in the initial acquisition financing) was allocated for interior, exterior, and amenity improvements.
The capital improvements were completed within the first 24 months of ownership and facilitated raising rents to market. By increasing the rents by 26%, we were able to increase the value by $7,254,500.
At disposition, the property was fully marketed and generated a sales profit of $2,108,649, representing a 132% Sale ROI. The property sold in July of 2021.
Including the monthly Cash Flow After Debt Service, the total cash-on-cash return on the project was in excess of 142%.