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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