Individual Deals

Oxford Village Residences: An Affordable Housing Townhouse Community

Location: Oxford, PA. Located in the Philadelphia MSA.

Purchased: March 18, 2022

 

Units: 50-units; 25 3-bedroom units and 25 2-bedroom units.

Debt: Freddie Mac fixed 10-year assumable debt at a 3.83% interest rate.

Purchase Price: $5.72 million; appraised at $6.46 million prior to closing.

Loan to Value: 61% LTV based on appraised value.

Features: Built in 1998, Oxford Village Residences benefits from the overwhelming demand for affordable housing. Oxford Village Residences feature amenities not often seen in affordable housing, such as a dishwasher and a washer and dryer set in every rental. The property is surrounded by scenic horse farms and features a children’s playground, as well as an on-site community room.

Deal Structure: 506(b) syndication, 70% LP / 30% GP split

Projected Returns: 12-15% IRR

Business Plan: Focus on cutting expenses and maintaining the 98-100% occupancy. The property has considerable upside, which is not being underwritten when the income restriction period phases out in 2028.

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