The Meadows Apartments is a B class property in a B class area of Lancaster, Texas. The property has been well maintained and is in excellent condition. The property had a strong history of profitability and supported a Fannie Mae loan at the time of purchase. The property was purchased at a discount to appraised value due complications relating to an insurance recovery for fire damage that occurred after a loan on the property had matured. We were able to navigate the issues between the seller, lender and insurance company and strike a deal at an attractive price. The property currently pays quarterly cash distributions at an annual rate of 8.0%. We plan to operate the property for cash flows and to ultimately sell the property to realize capital appreciation.
Average Cash: 40%
Number Of Units: 120 State: Texas
Purchase Date: November 2013
Sold Date: November 2019