CRP and its equity partners acquired the Cooks Creek, a 255 unit apartment complex in Farmers Branch, TX, in first quarter of 2014. A $640,000 rehab budget (included in the initial acquisition financing) was allocated for interior, exterior, and amenity improvements.
The capital improvements were completed within the first 12 months of ownership and facilitated raising rents to market, tapering expenses, and instituting a utility bill-back program, increasing NOI significantly.The property is now in escrow and will generate a sales profit of over $6,000,0000 in excess of its acquisition price, representing a 375% increase in equity under 2.5 years.
Including the monthly Cash Flow After Debt Service, the total 2.5 year return on the project was in excess of420%.
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