The Grayson
In September of 2015, Bridgeview Real Estate (“Bridgeview") started development on a 330-unit Class A apartment community in the Houston suburb of Spring, TX.
In March of 2015, a Private Equity Group partnered with Bridgeview Real Estate to develop a 330-unit multifamily community named The Grayson Apartments (the “Project”) in Spring, TX, a suburb of Houston.
Project costs, including the construction budget and fees, totaled $36.5 million (~$110,600 per unit). The initial capitalization was funded with $30.500 million of senior financing, $4.7 million of PE equity, and $1.3 million of equity capital from Bridgeview.
The development and delivery of all 330 units was completed on time and on budget. The Project was fully (90%+) leased and stabilized by March of 2017. Upon stabilization, the Sponsor refinanced the asset to replace the high-interest construction loan.
The Grayson was sold on April 24th, 2019, for $48.8 million (~$147,900 per unit), an increase of ~33.7% relative to the total Project basis.
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THE GRAYSON
Multifamily Property | Spring, TX
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Portfolio Performance
25.5%
3.05x
49 Months
Past performance is not indicative of future results.
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*The information contained herein does not constitute an offer to sell nor is it a solicitation of an offer to purchase any security. Offers will only be made through a private placement memorandum to accredited investors and where permitted by law. Investments in the firm’s limited partnerships involve a high degree of risk, including the possible loss of your investment, and they are potentially illiquid with an uncertain liquidity date. Prospective investors should carefully review the “Risk Factors” section of any private placement memorandum. Past performance is not indicative of future results.
**BV Capital is a member of the Bridgeview family of companies based in Dallas, TX. BV Capital offers investments to existing private clients, broker dealers, registered investment advisors and family offices through BV Securities (FINRA / BROKERCHECK / Reg BI) as Bridgeview’s managing broker dealer. BV Capital manages the financial and administrative operations for Bridgeview and BV Securities offerings.**
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