Location : Arlington, TX
Type : Garden Style
Date Purchased : November 2016
Property Metrics
Equity return to date 228%
Cash-on-Cash 15% Annually
Value-Add Plan
Purchased in November 2016 out of probate, Las Palmas is situated in the high growth entertainment district of Arlington TX. In order to capitalize on this value-add opportunity a full exterior and interior renovation was started as well as implementing major changes to previous management operations.
In an ongoing renovation program of $750,000 which includes full paint upgrade, pool & amenity upgrades, and extensive interior upgrade with new cabinets, countertops, & appliances. Las Palmas is one of 180’s best cash flowing assets to date. Since 2016 rent growth has exceeded 50% in total.
180 has refinanced the asset twice and to date and returned 228% of the original investment.
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