Houston MSA Acquisition
StackSource recently arranged financing for the acquisition of a 252-unit multifamily property in Tomball, Texas. This submarket in the Houston area has seen rent growth of 16% in the past 12 months. Approximately 50% of the units will rollover and be renovated within 18 months to capitalize on the market rents which are already being realized on other renovated units at the property. StackSource Senior VP of Business Development, Beth Mercante, and Director Zach Wagner were able to secure this dual debt and equity placement with an 80% LTC including some capex funding. The capital will be in place for 2 years when it will be refinanced into a permanent agency loan.