FOR IMMEDIATE RELEASE
August 5th, 2021
For additional inquiries please contact:
VP, SAR Apartment Capital
SAR Apartment Capital Expands Its Portfolio Of Assets Into Tennessee
Total investment of US$ 3,300.000, with a 94% occupancy rate
Miami, FL – Today, Abiel Ballesteros and SAR Apartment Capital are proudly announcing the successful acquisition of a 110 residential community in Ripley, Tennessee, thus expanding its portfolio of assets.
The community is a 2004, Class B, residential property with an occupancy rate of 94% and a low income tax credit which is highly desirable for the area.
The purchase price was US$ 3,300,000 that comes out to $30,000 a house. We paid $30,000 a door for a 4 bedrooms/ 2 bathrooms/ 1200 sq. homes located on 43 acres of area.
The current going in average rents are $619, with the potential of increase to US$ 800 a month.
Due to the high demand for residential home rentals in suburban and rural areas, we expect to hit our proformas with no issues. We also will be taking advantage of HUD low-income housing loans which will be below 3.0% interest rate
With this new acquisition, SAR Apartment Capital and its partners deliver again on its promise to source, acquire and manage multi-family assets with high ROI potential for its investors .