Case Study: Club Creek

Austin, TX

Investment Summary
  • Units 160
  • Yr. Built 1984
  • Date of Acquisition 11/6/2015
  • All-In Acquisition Price $11,755,544
  • Date of Disposition 7/19/2018
  • Disposition Price $16,500,000
  • Units Renovated During Hold 96
  • Avg. Unit Rent/SF at Acquisition $0.95
  • Avg. Unit Rent/SF at Disposition $1.18
  • Multiple on Equity Invested 2.77x
  • Cumulative Cash on Cash Return (Project Level) 46.3%
Investment Summary
  • Units 160
  • Yr. Built 1984
  • Date of Acquisition 11/6/2015
  • All-In Acquisition Price $11,755,544
  • Date of Disposition 7/19/2018
  • Disposition Price $16,500,000
  • Units Renovated During Hold 96
  • Avg. Unit Rent/SF at Acquisition $0.95
  • Avg. Unit Rent/SF at Disposition $1.18
  • Multiple on Equity Invested 2.77x
  • Cumulative Cash on Cash Return (Project Level) 46.3%

Club Creek Apartments is a 160-unit apartment complex located in Austin, TX. The PPA Group acquired the property in November 2015 with the intent to renovate 96 units, make select exterior cosmetic repairs and upgrades including balcony/patio upgrades, exterior paint, install of outdoor kitchen, pool furniture, and playground equipment. Interior upgrades included were new flooring, lighting package, plumbing fixtures, ceiling fans, and refinish of cabinets.

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