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Completed
Austin, TX

Creekside Terrace

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Property Overview

The Opportunity

The project was the conversion of a 47-unit multifamily complex to condominiums. Purchased from a reputable repeat condo converter that got caught in the cycle and post renovation leased up the asset. While under contract to purchase, we contracted 44 of the units contingent upon our closing. All units were closed within 4 months of our acquisition. The property was 100% occupied at acquisition. We were able to reach a mutual agreement with 47 tenants to vacate within 45 days.

Competitive Advantage

Lessons Learned

Property Location

Documents & Financials

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Related Articles

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Investment Summary

Property Type:
Multifamily
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Strategy:
Multifamily to Condo Conversion
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Address:
710 Oltorf St E, Austin, TX 78704
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Investment Date:
April 1, 2010
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Est. Hold Period:
.3 Years
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Total Capitalization:
N/A
Loan To Cost Ratio:
N/A
Est. Exit Cap Rate:
N/A
Investor Preferred Return:
N/A
Property Type:
Multifamily
N/A
Strategy:
Multifamily to Condo Conversion
N/A
Address:
710 Oltorf St E, Austin, TX 78704
N/A
Investment Date:
April 1, 2010
N/A
Disposition Date:
August 1, 2010
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Hold Period:
.3 Years
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Realized IRR:
1,275%
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Equity Multiple:
1.81 X
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Total Capitalization:
N/A
Loan To Cost Ratio:
N/A
Exit Cap Rate:
N/A
Realized Investor Return:
N/A
Property Type:
Multifamily
N/A
Strategy:
Multifamily to Condo Conversion
N/A
Address:
710 Oltorf St E, Austin, TX 78704
N/A
Investment Date:
April 1, 2010
N/A
Disposition Date:
August 1, 2010
N/A
Hold Period:
.3 Years
N/A
Total Capitalization:
N/A
Loan To Cost Ratio:
N/A
Cap Rate at Close:
N/A
Realized Investor Return:
N/A

Investment Summary

Property Type:
Multifamily
Realized IRR:
14.35%
Realized Equity Multiple:
2.15x
Hold Period:
6.5yrs

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