Mercatus and Parkwest acquired Deer Park in July 2023, located in Council Bluffs, IA. The asset came with assumable fixed-rate debt with six years remaining at 4.11%, presenting an appealing opportunity for a positive yield with a low basis. Simultaneously, a supplemental loan was secured at 7.37%, blending the total interest rate to 4.83%. Our strategy entails renovating all units over three years, alongside minor exterior and common area enhancements, including adding a dog park.
