Acquires Montego Bay Apartments for $13.25 million
On September 26, 2019, DLP Real Estate Capital expanded westward, adding the Montego Bay Apartments in Sierra Vista, AZ to its portfolio. This 192-unit multifamily community is situated on approximately 9.02 landscaped acreage and is centrally located within the greater Sierra Vista area, offering residents a quiet and welcoming live-work-play environment.
Built in 1997 and fully renovated in 2017, this apartment community is comprised of thirteen 2-story buildings and includes a swimming pool with hot tub, community clubhouse with billiards, fitness room and business center, updated children’s playground, dedicated dog park, and assigned covered parking.
Residents can select from four well designed and spacious rental floor plans offering all electric kitchen, washer and dryer, private balcony or patio, carpeted and wood planed vinyl flooring, ceiling fans, refrigerator and dishwasher.
Anthony Ruben, DLP Capital Partners Director of Investments, comments, “Don Wenner has done it again. The Montego Bay acquisition demonstrates DLP’s vast capabilities to source, structure, and execute fundamentally sound and quality investments for our fund investors. This Bank owned asset (REO), shows positive arbitrage, with in-place monthly rents $200 below it’s direct competition. The submarket exhibits robust job growth, strong supply and demand fundamentals, alongside healthy demographics. Simply put, it’s a great investment and basis for a well maintained 1997 / 2017 renovated asset for its vintage. This will bring constant and healthy cash flows to our fund investors.”
This recent acquisition will be included in DLP Capital Partners’ Preferred Equity Fund, one of three real estate equity funds offered to accredited investors. This equity offering is designed to provide 12% annual returns net to investors while providing liquidity and quarterly distributions.
Although this Fund will close to new investors at the end of 2019, there’s still time to invest.