RealtyMogul.com the online marketplace for real estate investing, announced it has successfully helped finance the acquisition of the Villa France Apartments, a 134 unit Multifamily Property in Irving, Texas. A joint venture between Paladin Preferred Capital and Steve Bram serve as the sponsors of this transaction.
“We are excited to partner with Paladin Preferred Capital and Steve Bram on this acquisition,” said Jilliene Helman, CEO of RealtyMogul.com.
“The sponsor will handle all aspects of the investment including purchasing the property, overseeing renovations, and selling the property, while RealtyMogul.com investors will participate as equity stakeholders and potentially earn a share of the cash flow and asset appreciation.”
“We are pleased to have completed this successful transaction with our equity partner RealtyMogul.com,” said Steve Bram, Principal of George Smith Partners. “Our joint venture will provide significant experience and expertise for the renovation and ultimate sale of the Villa France asset. This was my third equity funding with RealtyMogul.com and every experience was flawless.”
Villa France, which is centrally located between Dallas and Fort Worth has a strong amenity package which includes a playground area, swimming pool and community barbecues. In addition, the property is well occupied and has a larger average unit size than many similar buildings in the area. While 35 per cent of the units at the property have been upgraded, the sponsor plans to complete renovations on the additional 87 units to optimize rental rates.
RealtyMogul.com raised $1.5 million of the $3.4 million in equity. The investment was well aligned with the value-add return profile sought by RealtyMogul.com investors.