The 150-unit asset generates projected distributions of 4.25% in Year 1 and 4.13% on average over the holding period, operating under a master lease structure with $1,375 master tenant income noted in excerpts.
Ongoing fee rates
Disposition Fee3.5%
Refinancing Fee1.00%
Master Tenant Income
$1,375
Disposition Fee
3.5%
Refinancing Fee
1.00%
CM Fee
Up
of to five percent (5%) of the cost of the Capital Expenses
Trust Administration
Trust
of administration and other expenses, including a depositor fee of $652,653 payable to Depositor for holding the unsold Interests during the Offering irrespective of how long the Interests remain unsold.
Strengths
- Multifamily asset class with 150 operational units in Richmond MSA
- Master lease structure in place for trust operations
Concerns
- Vintage 1915 construction elevates ongoing operating maintenance profile
- Master tenant income extracted at $1,375