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PROJECT & TIMING
MULTIFAMILY
PROPERTY TYPE
DEVELOPMENT
PROJECT
504
UNITS
2025
YEAR BUILT
5 YEARS
HOLD PERIOD
NOV 2022
CLOSE DATE
36 MONTHS
CAPEX/BUILD DURATION
YEAR 3
REFI YEAR
4.25%
ENTRY CAP RATE
4.25%
EXIT CAP RATE
$41.1 MM
EQUITY
$76.4 MM
DEBT
$117.5 MM
TOTAL COST
$233 k
COST/UNIT
3.00% | 65%
INT RATE | LTC
17% - 21%
TARGET IRR
2.1x
EQUITY MULTIPLE
$49 MM
REFI PROCEEDS
$55 MM
SALE PROCEEDS
$50,000
MINIMUM INVESTMENT
CAPITAL STRUCTURE & RETURNS
MARKET & LOCATION
1
LOW VACANCY
Strong occupancy with a low sub market vacancy of 4.4%
2
HIGH RENT GROWTH
In 2022 rents have grown by 12%
3
POPULATION GROWTH
Since 2010, San Marcos has experienced population growth of 50%
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