Ariza Temple

About The Property

  • Units 200
  • Sq. Footage 177,000
  • Location Temple, TX
  • Property Phone 254-228-0700
  • Website ArizaTemple.com

PROPERTY DESCRIPTION

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.

PROPERTY ATTRACTION

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.

PROPERTY STATUS

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.

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