The Grand Luxury Apartments
Details
Location
Return Summary
Highlights
- Puchased at 38% occupancy
- Class A new construction
- Low supply market
IRR*
Equity Multiple*
Holding Period
* For active deals, IRR and EM return metrics are projected values that are underwritten with realized distributions, projected distributions, and a conservaitve terminal value.
Project Description
CT Realty Trust acquired The Grand Luxury Apartments, a 130-unit Class A property, in May 2020. Initially at 38% occupancy, the property was stabilized within 13 months through strategic management. By October 2021, the project was refinanced with a Freddie Mac agency loan, returning significant investor equity. In October 2023, an on-site maintenance facility was constructed to support the growing portfolio in the Hartford County market.
Project Timeline
May 2020
Acquired the property directly from the developer at final CO of the last of five buildings. Implemented our property management team and lease up program, to bring occupancy from 38% to stabilization in 13 months.
October 2021
Refinanced the property with a Freddie Mac agency loan, taking out our bridge loan and returning $3M of investor equity.
Loan Terms:
- Fixed Rate: 3.38%
- Amortization: 30yr
- Interest Only: 3yr
October 2023
Constructed an on-site maintenance facility building to service our growing portfolio in the Granby market.
See in detail
