Metonic invested alongside an exchanging investor in 2017 to deploy approximately $8,000,000 of equity into the Cypress Portfolio in Beaumont, Texas. The Cypress Portfolio consists of two multifamily assets constructed in 2012 and 2008 and consisting of 388 apartments homes.
Metonic was able to identify the replacement property and close the acquisition on behalf of the exchanging investor. Metonic has provided management services following the acquisition.
Since the acquisition of the property in June of 2017, in-place rents at Cypress Bend Village and Cypress Bend have increased by an average of 5.83% and annual NOI growth has been an average of 15.5% above initial projections.
