April 22, 2016 – BENA Capital is pleased to announce that its Merced investment has achieved 100% occupancy. In addition, it has done so by attracting qualified tenants at above market rents.
In February 2016, BENA Capital closed on a residential multifamily apartment complex, acquired as a value-add investment. At closing, the property was 20% occupied and required repairs to be brought up to rentable condition. Contractors began work immediately post-closing and repairs/improvements were completed within three weeks. While the repair work was in process, the property management firm successfully marketed and began leasing units. With the final unit now leased, the property is in a position to generate long-term positive cash flows while also resulting in built-in price appreciation due to the improvements completed.
The purchase was made through the BENA Capital - Alkaid Fund LP limited partnership, using 100% cash and no debt. BENA Capital raised the full amount of the purchase price in cash from investors, enabling the fund to purchase the property at a discount to fair market value. Additionally, the full cash offer allowed the fund to out-compete rival bidders.
BENA Capital specializes in 100% equity based real estate investments with a primary focus on Value-Add and Core-Plus properties. BENA Capital has owned, developed, and managed multi-family residential, single-family residential, and condominium properties throughout California. BENA Capital has a history of identifying real estate investment opportunities through its established network of strategic relationships. The BENA Capital Investment Team focuses on properties it believes to be under market value, that do not qualify for mortgage loans, and where value and returns can be created through targeted operations management to achieve full productivity of the asset.
To learn more about BENA Capital, visit: http://www.bena-capital.com/