Home » Silver Pines Apartments
(51 Units) – Eagan, MN
| Acquired: | April 2016 (Recapitalized July 2019) |
| Project Capitalization (LTV): | $6,200,000 (69%) |
RSRC acquired this 51-unit Class-B apartment property in a first-ring suburb of the Twin Cities. This was another off-market acquisition available to RSRC because it knew of the owner’s motivation to close a transaction by year-end for tax purposes. Previous ownership was not maximizing operations. Although 100% occupied at closing, rents were approximately 10% below market and the owner was not charging for parking. RSRC corrected these issues and recapitalized the property in July 2019, with LP investors receiving a 2.69x valuation (21.74% LP IRR) on their invested capital either through redemption of their investment or by reinvestment in the ongoing company.
www.rentsilverpines.com- Minneapolis / St Paul