Ft. Collins Multifamily 3
Inland
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Investment Highlights
Overview
Inland Ft. Collins Multifamily 3 is an investment into a Class B multifamily apartment complex located in Fort Collins, Colorado. There is a value add opportunity at the property that the sponsor intends to use to increase the rent at the property. There are 220 units at the property.
- Year 1 Cash Flow 5.00%
- Initial Occupancy 94.10%
- Est. Time Horizon None
- Yr 1. Cap Rate to Investors 4.92%
- Investor Purchase Price $51,680,585
- Total Offering Size $21,715,585
Loan Information
The loan totals $29,965,000 and is from KeyBank National Association under the Fannie Mae DUS program. The loan is for a total term of 10 years with the first 5 years being interest only. When amortization begins it will be on a 30 year schedule. The interest rate on this investment is fixed at rate of 3.630%.
- Yr. 1 DSCR 2.2
- Loan-to-Value 57.98%
- Hold Period DSCR 1.96
Key Benefits
N/A
Key Risks
The property has below market occupancy. The submarket has been occupied at 99%, however the property has a historical occupancy during the trailing 12 months of 89% and currently is 94%.
The cap rate to investors is low (4.92%) and lower than the comparable properties in the local market which is 5.78%.
The area has been going through redevelopment, this may increase the competition in the area and especially in the multifamily sector of the local market.
About Inland
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The Inland Real Estate Group of Companies, Inc. ("Inland"), is an industry leader and one of the nation's largest commercial real estate and finance organizations. As a business incubator, we specialize in creating, developing and supporting Inland member companies that provide commercial real estate-related services and alternative investment funds, including limited partnerships, institutional funds and non-listed and listed REITs.