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TPEG sells Austin multifamily property


TPEG and Bridegeview Real Estate sold The Park at Stone Creek, a 420-unit multifamily community in Austin, Texas. The property was purchased for $22m in October of 2013 and sold for approximately $34.5m. TPEG investors provided $3.3m in preferred equity capital. That preferred equity investment paid a current yield of 10% and produced a pre-tax IRR to TPEG investors of 53% over 29 months. TPEG investors received a net cash on cash return of 261%.

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