The Magnolia at Lexington Apartments project is a 4-story, 33-unit apartment building with attached parking garage for all tenants. The size of the units and smaller development appeal to the Millennial renter and those seeking a Downtown Lifestyle, as well as being conveniently located to restaurants, entertainment, fitness facilities and shopping. There is a current lack of competitive supply of available units in the immediate area.
Tenacity Holdings is seeking an Equity Investment of $2,301,786. The senior debt will be $2,301,000 for a total budget of $4,602,786. Construction is expected to take 12 months with lease-up projected for 6 months after that. Tenacity Holdings expects to hold the building for 30 months (including construction time) and sell the stabilized building for $4,808,702. The Equity Investor will receive 100% of their investment as well as an Investor Return of $360,959 after the sale of the building.
Retirement Community will consist of:
- 33 Class A Rental Units, targeted for the Millennial renter.
Estimated Development Budget:
- Debt $2,301,786
- Equity $2,301,000
- Total Budget $4,602,786
- 10’ ceilings
- 8’ doors
- Premier appliance and fixture packages
- Energy efficient appliances
- Granite countertops
- European cabinets
- Walk-in closets
- Modern plumbing fixtures
- Washer / Dryers
- Sound eliminating wall system
- High speed internet access
- Building security access
- Secured garage parking access for each unit