Project Details
- Location: US
- Type: Multifamily
- Date: 2013
- Size: 252 Units
- Acquisition price: $20,250,000
- Sale price: $42,400,000
- Project IRR: 47.58%
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- Taurus acquired the 252-unit multifamily property in June 2013.
- The property was acquired for $20,250,000, representing a price of $80,357 per unit.
- The investment thesis was to refresh and update the property through targeted capital upgrades.
- The upgrades centered on the common areas, landscaping, and interior unit renovations with a hands-on management team.
- From 2013 through 2017, the Partnership invested over $2.4 million in a comprehensive capital improvement program.
- This program focused on upgrades to the residential buildings, common areas, and amenities, as well as in-unit renovations.
- Since acquisition, the Partnership used an active management approach and executed the capital improvement program successfully.
- As a result, the Partnership increased the project’s average in-place rents by 46%, resulting in a 69% increase in NOI.