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Chula Vista & Villa Verde Apartments
Offering short link
Raise Details
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Gross Offering$750,000 USD
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Available Units0.00
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Minimum Investment$10,000 USD
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Maximum Investment$750,000 USD
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Open DateJan 01,2023
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Closing DateJan 31,2023
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Investment TypePreferred Equity
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Maturity48 months
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Real Estate UseResidential
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Maturity End DateJan 31,2025
Type
| Type | Number of Units | Available Units | Cost per Unit | Gross Offering | Annual Yield | Term |
|---|---|---|---|---|---|---|
| Series A | 5.00 | 0.00 | $150,000.00 USD | $750,000.00 USD | 15.00% | 48 months |
| Totals | 5.00 | 0.00 | $750,000.00 USD |
Executive Summary
Overview. An affiliate of Chesterfield Faring Ltd., Assured Realty Capital, Inc. (“ARC”) is offering and issuing a $1.5 million preferred equity investment (the “Offering”) in two multifamily, 192-unit, 128,415 SF, value-add, Class “C” workforce housing properties (the “Properties”) located in the South Oklahoma City submarket of Oklahoma City, OK. The purchase price is $9.6 million or only $50,000 per residential unit. The total capitalization is $12.1 million including $1.5 million of value-add contributions. The Offering is second in position to a $8.8 million first mortgage (the “Loan”) from Bayview Financial (the “Lender”) or 73% loan to capitalization. The Offering is 85.0% of the capitalization including the Loan. Greenlight Equity Group (the “Sponsor”) and its investors are investing 15.0% of the capitalization as common equity subordinated to the Offering. ARC has presold half of the Offering leaving $750,000 for select clients of CFL. The Closing is anticipated for October 15, 2021.
Highlights
- Chula Vista Apartments (61 Units) built in 1970 plus II) Villa Verde A
- Reducing risk, the Properties are well occupied.
- Located in the South Oklahoma City submarket
- Upscale urban neighborhoods
Comments
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