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The property, commonly known as “Amira at Westly”, is a Class A, garden-style apartment community, consisting of 408 units has the following address: 6105 Paddock Glen Drive, Tampa, Florida 33634; the real estate parcels on which the apartment community is located are at 6220 W. Hillsborough Ave., Tampa, Florida 33634 and 6224 W. Hillsborough Ave., Tampa, Florida 33634 (the “Property”). The Property, completed in 1999, and renovated and expanded in 2023, is situated on approximately 21.09 acres and contains 404,976 rentable square feet comprised of one and two-bedroom units, averaging 993 square feet per unit. The Property features top-of the market community amenities with two resort style pools, outdoor patio lounge with ping pong and community book exchange, state of the-art fitness center, yoga and spin room, summer kitchen and pool house, pool table and foosball, work-from-home business center, club house with Starbucks-branded coffee bar, community fireside lounge, a “Bark Park”, and posh pet spa. Apartment amenities include newly redesigned one- and two bedroom apartment homes, gourmet kitchen with stainless steel appliances, in-home, full size washer and dryer, sleek quartz countertops, wood-inspired plank flooring, designer tile backsplash, private patio or balcony, designer cabinetry with brushed nickel fixtures, ceiling fans in bedrooms, generous walk-in closets, and USB outlets.
Investment Details
Acquisition Details
Total Equity
$66,041,529
Total Debt
$56,650,000
Total Value
$122,691,529
Loan-to-value
46.17%
Units
408
Financial Details
Purchase Price
$103,000,000
Reserves
$5,036,122
Loan interest rate
4.40%
Maturity Date
10 years
Interest Only Through
10 years
Product Details
Product Sponsor

Product Structure
DSTAsset Type(s)
MultifamilySyndication Load
16.05%
Holding Period
7-10 Years
Liquidity
None
Risk Profile
High
Business Plan
The Sponsor’s investment objectives for Beneficial Owners are to (i) preserve their capital investment; (ii) make monthly distributions which may be partially tax deferred as a result of depreciation and amortization expenses; (iii) seek to increase rental rates to create additional value; and (iv) realize profit through the ownership and eventual sale, disposition, transfer or merger to facilitate a Section 1031 Exchange (under limited circumstances) or an exchange transaction pursuant to Section 721 of the Code with respect to the Property within approximately seven to ten years. See “Business Plan.” There is no guarantee that the objectives will be successfully achieved, that the Property’s value will be enhanced, or that the Property will be sold within the planned time period. An investment in the Interests involves substantial risks. See “Risk Factors.”
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Available Equity
73% Funded
$100K Minimum
Offering Materials
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