Puerto Del Mar Apartments
580 Units Multifamily Value-Add Investment Opportunity
- 22.59% Target IRR
- 13.47% Annualized Cash On Cash
- $18 Million Total Equity
- Passive Income & Legacy to Your Family
- Create Generational Wealth
- Cash Flowing Investment Opportunity.
Projected Returns
Thriving Market
Corpus Christi, Texas
Class B Multifamily
Asset Type
3 Years
Holding Period
22.59%
Target IRR
13.47%
Annualized Cash On Cash
$18 Million
Equity
Investment Highlights
Highly Desirable South Side Location with Dual Visibility and Walkability - Puerto Del Mar Apartment’s leading source of new leases is drive-by traffic attributable to property’s visibility along both Caravelle Parkway and Holly Road which has only been enhanced by the appealing exterior improvements and new monument signage.
Corpus Christi MSA Continues to Draw Major Capital Investment - Ranked 43rd on Wallet Hub's Best Cities to Live in the United States list for 2019, Corpus Christi continues to grow at a rapid pace with over 40,000 more residents and approximately 20,000 more households today than there were in 2010.
Modernized Garden-Style Community with $8.5M in Recent Capex - The well-appointed improvement dollars were spent to complete a stunning renovation that garnered Puerto del Mar the 2019 Corpus Christi Apartment Association Renovation of the Year Award.
Extensive Unit Improvements with Remaining Potential - Extensive Unit Improvements with Remaining Potential like double sinks, updated faucet with sprayer, new shaker-style cabinetry with contemporary brushed-nickel pulls, designer faux wood plank flooring throughout living areas, and many more.
Strong Corpus Christi Apartment and Housing Fundamentals - In addition to the positive absorption, Corpus Christi was able to achieve an average effective rent of $1,012, representing a 3.7% average effective rent growth over the prior year.
2.3%
Occupancy Growth
1976
Year Built
3.7%
Effective Rent Growth
$1,012
Average Effective Rents
Class B Multifamily
Asset Type
Garden
Style
91.8%
Units
444,692 Square Foot
Net Rentable SF
★ offering For Accredited Investors Only ★
Our Strategy
Markets
Locations
Value Add Potential
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How Do We Select Deals
UNDERWRITE OVER 100 TO FIND 1-2
Hundreds of deals come across our desk on a consistent basis. With our strict underwriting guidelines, we see 1-2 great deals to execute on every 100.
CAP RATE HIGH ENOUGH FOR STABILIZED ASSET
Generally, we focus on more high value-add plays, but sometimes we come across more stabilized deals that have.
VALUE-ADD UPSIDE POTENTIAL
Can we increase the NOI which will bring up the value of the asset? For example, current rents are below market rents due to unit quality, Can we rehab the units and increase rents?
VERIFYING ACTUALS, NOT PROFORMAS
Brokers love to provide buyers with financial projections (proformas) as if they were today’s numbers. We verify, and base our analysis and offer on ACTUALS.
STRONG LOCAL RENT GROWTH
We dive deep into the deals submarket to understand the rent trends
DO THE NUMBERS WORK
After all of the aforementioned, we come up with Maximum Allowable Offer (MAO), which is the maximum amount we can pay to acquire the deal.
