Deer Park TX, 41M

Located in Deer Park, TX. BTR-style asset with institutional level ownership for the past 10 years. Average unit size of 1,145 SF, the largest in the submarket. Extremely high barriers-to-entry location with only 1 new multifamily property built in the last 20 years. The property was built in 2 phases.

Assumable 4.71% Freddie Mac loan with 3+ yrs IO remaining and 7 yrs of term.
6.30% T3 cap rate in-place, tax and insurance adjusted.

Ownership has been able to upgrade units and receive ~$200 - $380/mo premiums depending on floor plan. New ownership can expect to receive the same premium upon upgrading remaining 207 classic units.

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*** 6.30% T3 cap rate in-place, tax and insurance adjusted. ***