Claremont
CASE STUDY
Property Summary
Location: Texas
Affordable Housing Program: Low-Income Housing Tax Credit (55+)
Units: 261 units across 2 buildings
Lot size: 15 acres
ACQUISITION STORY
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Acquired off-market through an existing relationship.
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Held within a large portfolio of affordable housing that the seller has been unwinding.
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Prime location in booming, amenity rich submarket. Significant rent discount to market.
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Accretive long term fixed rate agency debt at 2.7% with 9 years of I/O.
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100% occupied and on a waiting list.
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Strong going in cash-yields.
MANAGEMENT PLAN
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Execute $2 million renovation plan to address minimal deferred maintenance and upgrade community amenities.
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Bring in institutional property management to improve operating efficiency.
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Focus on community events and creating access to local amenities. Create a home.