Financial Performance:
Original Capital Investment: $580,000
Projected Investor Dividends (Year 1): 8.75%
Description:
Woodwinds Apartments consist of 6 two-story multifamily apartment buildings located in
Norfolk, Nebraska. The buildings contain a total of 44 two-bedroom and 6 three-bedroom apartment townhomes all of which are made affordable to our residents with rental assistance provided under a HAP Contract (Housing Assistance Payments), administered by the U.S. Department of Housing and Urban Development. Amenities include an onsite laundry facility, playground, and central air conditioning.
MPC Strategy:
McKee Private Capital had the opportunity to acquire Woodwinds Apartments on an off-market basis in January of 2013. Upon takeover, MPC terminated the existing HAP Contract and negotiated a new, budget based Contract with HUD. As a result, Woodwinds is no longer subject to periodic RCS (rent comp surveys) and therefore has zero exposure to market rent reductions. This investment continues to generate solid, double-digit returns to investors each month.