Property Results

This data is valid as of the end of June 2017.

 

Properties
Travis Gardens
Villa Gardens
The Woods of Haltom
Townhouse Apartments
Monterrey Apartments
Ridgmar Apartments
Property Characteristics Address
2901 Travis,
Fort Worth,
TX, 76110
2730 Fyke,
Farmers Branch,
TX, 75234
4812 Waldemar,
Haltom City,
TX, 76117
1001 Biloxi,
Ennis,
TX, 75119
7100 W Vickery,
Fort Worth,
TX, 76116
2200 Taxco Road,
Fort Worth,
TX, 76116
Date Acquired
31-Dec-08
8-May-11
2-Mar-12
4-Feb-13
10-May-13
30-Jan-14
Number of Units
77
142
88
112
105
235
All Bills Paid (ABP) or
Individual Meter
ABP
ABP
ABP
Individual Meter
ABP
RUBS
Property Acquisition Equity
$1.82M
(all-cash)
$1.73M
$875k
$1.125M
$1.175M
$3M
Purchase Price
$1.33M
$4.25M
$1.62M
$3.42M
$1.95M
$8.32M
Rehab and Closing
$490k
$703k
$450k
$428k
$614k
$1.8M
Total Acquisition
(Purchase Price + Rehab + Closing)
$1.82M
$5.0M
$2.1M
$3.84M
$2.56M
$10.1M
Current Performance Is the property stabilized?1
Yes
Yes
Yes
Yes
Yes
Yes
Occupancy
(purchase, clean-out, present)
76%, 68%, 94% (@Sell)
92%, 81%, 98% (@Sell)
80%, 73%, 97% (@Sell)
92%, 83%, 99% (@Sell)
83%, 77%, 95% (@Sell)
88%, 82%, 98% (@Sell)
Current Operating Expenses2
(annual per unit)
Sold
Sold
Sold
Sold
Sold
Sold
Current Monthly NOI4
Sold
Sold
Sold
Sold
Sold
Sold
Current Monthly Cash Flow
Sold
Sold
Sold
Sold
Sold
Sold
Estimated Cap-Rate9
Sold
Sold
Sold
Sold
Sold
Sold
Estimated Value9
(NOI/Cap-Rate)
Sold
Sold
Sold
Sold
Sold
Sold
Estimated Capital Gain
Sold
Sold
Sold
Sold
Sold
Sold
Investor
Returns
Travis Gardens
Villa Gardens
The Woods of Haltom
Townhouse Apartments
Monterrey Apartments
Ridgmar Apartments
Summary to Date Cumulative Distributions
154.9%
(6 years)
170.1%
(3.75 years)
189.8%
(4 years)
268.1%
(4.5 years)
156.7%
(1.75 years)
205.7%
(3.5 years)
Unrealized Capital Gain
Sold
Sold
Sold
24%
Sold
Sold
Average Annual Return8
(Internal Rate of Return if sold today)
17.3%
(Sold)
18.7%
(Sold)
30.4%
(Sold)
28.6%
(Sold)
32.5%
(Sold)
26.2%
(Sold)
Property Status
Sold
(Nov-2014)
Sold
(Feb-2015)
Sold
(Oct-2015)
Sold
(Jun-2017)
Sold
(Oct-2014)
Sold
(Dec-2016)
Year 1 Cash from Operations
5.5%5
9.9%
12.0%
12.7%
10.8%
5.5%
Year 2 Cash from Operations
2.9%5
14.0%
14.4%
12.6%
145.9%
9.2%
Cash from Re-Finance/Sell7
62.1%7
114.9%7
Year 3 Cash from Operations
8.4%
7.6%
4.2%
15.4%
180.6%
Cash from Re-Finance/Sell7
47.8%7
Year 4 Cash from Operations
6.7%
90.8%
44.3%
14.2%
Cash from Re-Finance/Sell7
34.9%7
 10.5%
Year 5 Cash from Operations
3.7%
 213.2%
Cash from Re-Finance/Sell7
Year 6 Cash from Operations
30.8%
Cash from Re-Finance/Sell7

Notes

(1) Stabilized Properties had >90% physical occupancy the past 90 days.
(2) Operating Expenses (annual per unit) = (Trailing_12month_Expenses)/#-units
(NOTE: Property Tax Expense adjusted up to 80% of estimated valuation)
(3) Adjustments: Townhouse contains adjacent land valued by appraisal in January 2013 at $265,000.
(4) Monthly NOI = (Trailing_4month_Income)/4 - (Trailing_12month_Expenses)/12 - (Annual_CapEx_Reserves)/12
(5) Cash purchase (without financing) - due to the financial crisis in 2008, financing dried up and some properties were purchased all-cash (without financing.)  These de-leveraged returns were lower until re-financing (or "financing" in this case.)
(6) Partial year returns shown for years that are in progress.
(7) Refinance unlocks part of the property value increase that occurred since takeover, which may cause a spike in investor return.  This event returns part of investor capital. However, it also increases loan payments, thereby decreasing future cash from operations.
(8) Average annual return is the internal rate of return of all distributions, including an estimated distribution if sold today. IRR is calculated quarterly, consistent with distribution frequency, and then annualized.
(9) Cap-Rate is based on the market cap-rates in the area with CapEx reserves above the NOI line.  These value estimates assume $300/unit/year CapEx reserves.

The prior performance of these properties is not necessarily indicative of the performance that NSpire Assets will achieve in the future. This material should not be relied upon as a promise of future results, either in the existing properties or future properties that are purchased.

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