Mayan Palms is a C class property, located in a C+ class area of Dallas, Texas. The property was purchased at a discount to market value from a motivated seller, based on an all-cash transaction, a short closing cycle and a strong assurance of closing through substantial non-refundable earnest money deposits. The property had some deferred maintenance issues but was highly profitable upon acquisition. The property suffered through three substantial fires in 2014. With insurance proceeds and a sustained effort, we used this bad luck to our advantage and have since repositioned the property and improved profits and value significantly. The property currently pays quarterly cash distributions at 7% annually. We plan to operate the property for cash flows and to ultimately sell the property to realize capital appreciation.
Average Cash: 7% annual rate
Number Of Units: 176 State: Texas
Purchase Date: November 2012
Sold Date: Still Operating