Approximately ±9.6 acres of land to be developed with a 200 unit, ±177,000 square foot apartment project in Temple, Texas. The site is in a prime location directly across from the largest employer in the city. The asset will be on the leading edge of Temple’s efforts to transform the medical district into a “lifestyle” neighborhood providing great amenities for Baylor Scott & White employees.
By the summer of 2018 the asset had reached stabilization. The investors received 30% of their original investment in just over three years. The property continues to cashflow nicely making semi-annual distributions, the most allowed with a senior HUD 221-d4 loan, which was refinanced in mid-2021 at a 2.9% per annum interest rate to fully amortize over the next 36.5 years.
Cypressbrook principals located a sight across from the Scott and White Hospital that serves the region’s health care needs and employs 8,000 health care professionals. The site allows residents easy access to a mixed use project that includes several restaurants and other retail. The project features a resort style pool, fitness center, dog park, attached and unattached garages as well a walking path along an adjacent creek.