The Villas of Tenison Park, formerly known as the Villas of White Rock, returned all invested capital to equity investors today through a refinance of the property.
TPEG partnered with Presidium Group in April 2014 for this value-add project, a 442-unit apartment community in Dallas, Texas. TPEG provided $4m in preferred equity. Presidium began renovations immediately upon acquisition, and this refinance comes 19 months after acquisition. TPEG investors received a full return of their invested capital along with all accrued preferred return.
As of today, TPEG investors have received a total of 116% of their invested capital. They will continue to receive 50% of the the project's equity distributions, both from operations and from an eventual sale of the property.