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Torchlight Provides $68.7 Million of Acquisition Financing on a 751 Unit Multifamily Portfolio
The 4 property portfolio contains 751 units within 43 garden style and townhouse buildings in Mount Prospect, Illinois and Blue Ash, Ohio. The properties include amenities such as balconies and patios, fireplaces, swimming pools, clubhouses and laundry facilities. While the portfolio-wide occupancy is a stable 95% there is an opportunity for the new owner to add value by improving the quality of the interior units and common area amenities and increasing rents to market levels. Over $4 million of capital improvements will be invested into the properties in order to significantly improve their aesthetic and overall condition.
“This is a stabilized portfolio that has not been substantially renovated in over ten years. Torchlight and our borrowers have identified a strong value-add opportunity that can be captured through upgrades and modernization”