Multifamily Property Group (MPG), a Silicon Valley based private equity real estate investment company, recently closed a 12-year Fannie Mae loan with Dougherty Mortgage for the refinance of West Wind Apartments, a 160 unit Class B apartment complex in Irving, Texas. Acquired in March of 2017, West Wind was the firm’s 12th multifamily purchase in the Dallas-Fort Worth Metro. “West Wind represented a rare opportunity to acquire an untouched 1980s asset in a high growth, workforce housing suburb of DFW with below market rents and significant upside” said JC Castillo, Founder & Managing Principal, Multifamily Property Group. Over the past year, MPG successfully executed on a property renovation strategy including an exterior facelift, leasing office & amenity upgrades, a new soccer field, and an interior unit upgrade package. Collectively, these improvements have delivered an impressive 18% month over month revenue increase against the previous owner’s trailing 12. “With the transition out of bridge financing into long term Fannie Mae debt, we were able to eliminate the downside risk of future interest rate hikes and pull out additional loan dollars to continue pushing revenue by upgrading the remaining classic units” said Castillo.
About Multifamily Property Group
Multifamily Property Group (MPG) is a Silicon Valley based private equity real estate company focused on acquiring, repositioning and operating value-add multifamily properties in select high growth US markets. MPG, along with its property management affiliate, Luminera Properties, currently owns and operates a significant portfolio of Class B & C assets in the Dallas-Fort Worth Metroplex.
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