Operations are structured under a master lease with Year 1 base income projected at 4.45% and additional master tenant income ranging from $124,895 to $249,534 annually. Ongoing property management is capped at 3% of gross receipts.
Ongoing fee rates
Asset Mgmt Fee (annual)0.20%
Disposition Fee3.5%
Asset Mgmt Fee (annual)
0.20%
Master Tenant Income
Additional
income ranging from approximately $124,895 to $249,534 per year
Property Mgmt Fee
Up
of to 3% of the Gross Receipts
Disposition Fee
3.5%
Trust Administration
Account
Acceptance Fee
Strengths
- Master tenant structure provides additional income ranging from $124,895 to $249,534 per year.
- Projected cash flows supported by large 408-unit multifamily revenue base.
Concerns
- Cash flow growth is dependent on successful execution of capital improvements by the master tenant.
- Operating performance is exposed to single-asset concentration risk in Tampa, Florida.