Baxter at Westwood
Multifamily
Realized value add recapped into long term cash flow
We purchased this asset in September of 2019 with plans to rebrand and upgrade the 1983 vintage property inside and out. Our initial business plan was a 7-yr hold, and we placed a fixed-rate 7-yr agency loan on the deal. Two years into the project the valuation increased by 42%. At that time, we recapped the property with an institutional partner who assumed the loan, with plans to operate the asset at least through initial debt maturity in Sept ’26.
Our CTX Insights
Proximity to great schools
This asset sits within walking distance of very highly rated and demanded Elementary, Middle and High Schools within Round Rock ISD. Parents fight to get their children into the High School.
Townhome-Style Units
Half the units are two-story townhome-style units with ground floor entries and no neighbors living above you —a very appealing floor plan for families attracted to the schools.
LP Returns
- Underwritten: 2.4x, 14.6% IRR (84 months)
- Realized: 2.32x, 36% IRR (29 months)
350
Units
1983
Construction
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