Phoenix Village & Greystone Apartments
Millington Oaks Apartments
February 21, 2020The Heights
December 12, 2020
- Location: Fort Smith, AR
- Units: 145
- Year Built: 1984
- Acquired: August 2020
- Projected Hold Period: 6 years
- Role: Limited Partner
- Average Cash on Cash Return: 10%
- Total Return: 100% in 6 years
Description
This is a 145-unit apartment located Fort Smith, Arkansas. This consisted of a portfolio of 3 properties with average construction in 1984. The portfolio of properties were acquired in August 2020. The projected cash on cash return was 10% and total return of 100% in 6 years. The acquisition cost was very favorable at $33, 000 per unit. The business plan was to renovate 80% of the properties and refinance in year three with a return of 50% of investors’ capital. The business plan has gone well with no issues and has been cash flowing since after the first year. As expected, the property has grown in value and plan is to probably put it on the market next year if market conditions are favorable.