509 Hunters Run, Watford City, ND 58854
Acquired in Late 2019
Opportunities to Add Value with Rental Increases + Modern Amenities + Developable Land
TOPAZ acquired this property with 90%+ occupancy, with TOPAZ purchasing the asset stabilized, it still bore full lease-up risk in exchange for favorable pricing since all the leases would have to be converted to standard annual leases. TOPAZ saw this as an opportunity to add value by converting to longer-term leases and enhancing all the common area space while also having an outparcel of land already approved and wired for an additional 64 residential units. TOPAZ acquired the property upon delivery of the deed from the bank / lender who was outsourcing the 3rd party management of the asset.
- Acquired off-market for $8,500,000
- Property was built in 2015 for just under $17,000,000.
- Purchased as a high cash flowing asset with upside on rents.
- Cash flowing 15% to investors as of day one of purchasing the property.
- Unique opportunity to purchase a property for a very large discount to replacement cost.
- Property was Financed with a 65% levered conduit loan.
Property Website: https://www.fairwayswatfordapts.com
Number of Units: 110