Residence at West Beach

Galveston, Texas

Residence at West Beach

Galveston, Texas
  • Units

    133

  • Disposition Price

    $16,000,000

  • Acquisition Cost

    $8,557,500

  • Increase in NOI

    73%

  • Renovation Cost

    $2,265,420

  • Gross IRR

    34%

  • Total Cost

    $10,822,920

  • Gross Multiple

    2.5x

PROPERTY DESCRIPTION

Value-add renovation of property located behind Galveston seawall suffering from deferred maintenance and damage from elements. Nearly 100% leased at above-market rents when property sold in April 2019.

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