Location: Dallas, TX
Asset Type: Class B multifamily – 196 units
Ownership period: 2013-2017
Return on Equity: 107.1%
Annualized return on Equity: 28.6%
Increase in value: 76.2%
Increase in NOI: 38.6%

Arbor Vista was the fourth asset acquired as part of the partners’ current portfolio and the fourth to be sold. As of the date of Arbor Vista’s sale, the partners had recapitalized all three of the first three assets purchased in this portfolio through refinances since its inception in 2012. The combination of location in north Dallas and our increase of Arbor Vista’s NOI in a period of less than 4 years resulted in a return if sold substantially in excess of our projections. The result was a net return to our investors of 107.1% on equity invested in under 4 years – the equivalent of 28.6% a year and an IRR of 22.8%.