Terra Green and Tamarack Court

Terra Green and Tamarack Court

Cranbrook, BC

 As of November 2022 we added a portfolio of 2 properties totalling 58 units in Cranbrook, BC.

Status:                   Stabilization period

Property Type:    Multifamily rental 

Age:                        1977/1978 built

Land Size:              3 acres

Spaces:                  58 Units

About the Opportunity

We found this opportunity through our network of brokers in Early 2020. The building was in good shape overall but needed unit updates and tighter management in order to command market rents. In the spring of 2022, we were able to secure the properties at $1,100,000 under the appraised value. Prior to the purchase of the assets, we forecasted an average rental increase of 25%, but with the continuous pressure from the lack of rental supply in Cranbrook, the market allowed us a 40% increase in rent for most of the units. For the holding period, we are carrying out our optimization strategy with unit updates and increasing rent to the market rates which in return will increase the returns on this investment.

Investment view

Purchased Price            $6,380,000      

Cap Rate                          5.75%     

Initial Cash on Cash      5.3%         

Holding period                5 to 6 Years     

Target IRR (Year 5)         16%

2022 Appraise value         $7,440,000

Fund raised                         $950,000

Investors                              Accredited only

Structure                             Limited partnership

Preferable return               9% 

 

 

 

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17 units Apartment building. The Ventura Manor

The Ventura Manor

Cranbrook, BC

DwellScape Investments is pleased to present the Ventura Manor, a newly acquired 17 units Multi family value add property in the heart of Cranbrook, BC.

Status:                   Optimization Phase

Property Type:    Multifamily rental purpose

Age:                        1971 buit

Building Size:       17,669 SF

Spaces:                  17 Units

About the Opportunity

We are really excited about this one. We found this opportunity through our network of brokers and closed on the 1st of May, 2021. The building was in good shape overall but needed a boiler and units updates. We saw an opportunity on the rent side being substantially under market and further more with updated units. We had forecast a average rent increase of 25% but with our updated units are able to achieved 35% average rent increase  per units so far. The plan is to refinance comes ends of term and hold the property with no equity in for continuous cash flow distributions.

Investment view

Purchased Price            $1,590,000      

Cap Rate                          5.5%     

Initial Cash on Cash      6%         

Holding period                5 to 6 Years     

Target IRR (Year 5)         18%

Price per door                    $93,529

Investments Structure    Limited partnership

Investments Split              25% Generald Partners

                                                75% Limited partners

Distribution                         Expected 6% Quarterly

 

 

 

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