News and Announcements
US Residential Fund Patriot’s Pointe Celebrates Completion of Purchase at US 22m
- Published February 27, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
US Residential Fund (USR) is delighted to declare the completion of the acquisition of a majority share of the grade A, Patriot’s Pointe multifamily apartment complex located in Hillsborough, North Carolina – with an acquisition price of USD 22m.
Key points of the property include:
- Patriot’s Pointe is a multifamily asset built during 2004, with 240: one, two and three bedroom apartments.
- The Fund believes that the reason for why the property is “under rented” with an initial yield of 6.0%. The Fund believes that improvements in asset management will increase occupancy and deliver increased rents, momentarily.
- The property was purchased with a debt package of USD 14.1m which is fixed at 3.65% percent for the next 30 years.
- USR controls the ownership of 74 per cent of the property and maintains full operational control.
- The remaining shareholders include a co-investment from the manager of the property.
The US multifamily apartments are supported strongly by rental trends and lower operating costs, including the attractive price, as compared to single, free-standing family properties. The Fund of Patriot’s Pointe has agreed that this strategic move into investment for multifamily apartments challenges economically strong cities and regions in the US. The board has agreed that they will continue to evaluate further business agreements like Patriot’s Pointe.
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