Travis Gardens Apartments

Ft. Worth, Texas
77 Units

Coincidentally, this property closed in November, 2019, on the same day as Riverview. Travis Gardens was purchased for $6 Million as a medium value-add. The initial business plan called for $430,000 in capital expenditures including upgrading 36 units, a refinancing in 24 months to extract half of our equity, then holding the property 7-10 years to generate double-digit cash-on-cash returns. We were able to acquire labor at a lower cost than planned, enabling us to implement a number of unplanned product improvements including the renovation of an additional 14 units and painting the building exterior. We are now tracking on schedule to close on the refinance of the property with a low rate permanent mortgage in the 3% range in October. The property will now appraise over 25% higher in less than two years, in the $8 to $8.5 Million range. As a result, we will be able to cash out 50% of our equity in the refi and generate annual cash-on-cash returns north of 15%