304
Units
$33.75M
Purchase Price
$111K
Per Unit
1987
Year Built
Key Milestones & Dates
Today
Acquisition
Mar 13, 2025
Loan Initial Maturity
Apr 9, 2028
LURA Expiration
Dec 21, 2028
1st Ext. Maturity
Apr 9, 2029
2nd Ext. Maturity
Apr 9, 2030
Y1
Y2
Acquisition Summary
| Address | 1915 Wells Branch Pkwy, Austin, TX 78728 |
| # of Units | 304 |
| Year Built | 1987 |
| Acquisition Date | 3/13/2025 |
| Purchase Price | $33,750,000 |
| Price per Unit | $111,020 |
| Price per SF | $168 |
| Total Loan Commitment | $24,500,000 (62.9%) |
| Total Equity Invested | $14,476,873 (37.1%) |
Uses of Capital
| Purchase Price | $33,750,000 |
| Acquisition Costs | $299,233 |
| Acquisition Fees | $540,000 |
| Capital Improvements | $2,666,538 |
| Reserves | $395,597 |
| Financing Costs | $1,000,147 |
| Total Cost Basis | $38,651,514 |
| Cost Basis per Unit | $127,143 |
| Cost Basis per SF | $192 |
| Escrows & Prepayments | $595,285 |
| Seller Pro Rations | ($269,925) |
| Total Closing Uses | $38,976,873 |
Capital Accounts
| Member | Contribution | Capital Share | Profit Share |
|---|---|---|---|
| Appian-Austin I LLC | $13,029,432 | 90.63% | 90.00% |
| SAF Indigo LLC | $720,028 | 5.01% | 4.97% |
| Alan Ware | $577,687 | 4.02% | 3.99% |
| Chelsea-Austin I, LLC | $50,000 | 0.35% | 0.35% |
| Chelsea Partners, LLCProfits Interest | $100,000 | 0.00% | 0.69% |
| Total | $14,477,146 | 100.00% | 100.00% |
No distributions have been made to date. Account balances equal contributions.
Key Takeaways
Q1 generated positive operating momentum, though cash-flow recovery remains in progress. Prospect traffic increased, approvals improved, and physical occupancy rose 260 bps from the first week of January. General R&M and most other controllable expense lines landed at or below pro forma, with elevated turnover costs the only clear exception.
Leasing Demand vs. Q4
Prospects +61%Approvals +31%
Q1 produced 368 prospects versus 229 in Q4, and approvals rose to 42 from 32. Top-of-funnel demand is no longer the main narrative problem.
Physical / Leased Occupancy
Occupied 84.9% → 87.5%Leased 90.1% → 92.8%
Physical occupancy improved 260 bps through Q1, while leased occupancy improved 270 bps. Signed demand is running ahead of cash realization.
Vacancy + Concession Drag
$52K/mo drag5.3-pt leased-to-occupied gap
Vacancy plus concessions carried roughly $52K per month of revenue drag in Q1. The 5.3-point gap between leased and occupied units is why leasing progress has not yet converted into cash flow.
R&M Turn + Replacements
Actual ~ $1,100/unitPro forma $750/unit · Delta +$350/unit
All-in R&M turn spend, including replacements, averaged roughly $1,100 per unit in Q1 versus a $750 per unit pro forma. Tub-and-tile resurfacing and floor replacement are the primary scope drivers, but a meaningful part of the ~$350 per-unit overage also reflects heavier-than-typical Q1 turn volume as leasing accelerated. In other words, more turns drove more make-ready cost than a normal quarter, and some of that pressure may continue while turnover remains elevated.
Weekly Occupancy & Leasing Trend (13 weeks)
Leased
90.1% → 92.8%
+270 bps
Occupied
84.9% → 87.5%
+260 bps
30-Day Trend
87.6% → 89.3%
+170 bps
Leasing Activity · Q4 2025 vs. Q1 2026 (13 Weeks Each)
| Q4 2025 | Q1 2026 | Δ | |
|---|---|---|---|
| New Prospects | 229 | 368 | +139 |
| Applications | 45 | 58 | +13 |
| Approvals | 32 | 42 | +10 |
| Move-Ins | 30 | 34 | +4 |
| Move-Outs | 38 | 29 | −9 |
| Net Absorption | −8 | +5 | +13 |
Total Units
304
Rent roll snapshot
Occupied Units
266
37 vacant · 1 model
Occupancy
87.5%
Physical occupancy
Avg In-Place Rent
$1,015
Occupied units only · Avg market rent $929
Unit Mix
| Floor Plan | Units | Avg SF | Market Rent | In-Place Rent | Rent Gap | Occupancy |
|---|---|---|---|---|---|---|
| A1 | 46 | 502 | $805 | $903 | +12.2% | 89.1% |
| A1P | 10 | 502 | $945 | $930 | -1.6% | 90.0% |
| A2 | 103 | 600 | $840 | $930 | +10.7% | 88.3% |
| A2P | 25 | 600 | $996 | $954 | -4.2% | 88.0% |
| A3 | 43 | 707 | $955 | $1,007 | +5.4% | 72.1% |
| A3P | 13 | 707 | $1,045 | $981 | -6.1% | 92.3% |
| B1 | 33 | 861 | $995 | $1,219 | +22.5% | 97.0% |
| B1P | 15 | 861 | $1,145 | $1,306 | +14.1% | 100.0% |
| B2 | 10 | 967 | $1,195 | $1,342 | +12.3% | 90.0% |
| B2P | 6 | 967 | $1,295 | $1,446 | +11.7% | 66.7% |
| Total / Avg | 304 | 662 | $929 | $1,015 | +9.4% | 87.5% |
(P) = premium / renovated unit. All rent averages are based on occupied units only; vacant units are excluded and are never treated as zero-rent entries. Rent gap compares average in-place rent to average market rent; positive values indicate in-place rents above current asking rents.
Total BP Budget
$2.67M
Hard costs + contingency + PM
Spent to Date
$1.17M
Per CapEx tracker (4/9/2026)
Projected Savings
$555.6K
Projected cost $2.11M vs. $2.67M budget
Completed
53%
Of hard-cost project budget finished
Project Tracker
| Project | Budget | Spent to Date | Status | Projected Cost | Savings (+/−) | |
|---|---|---|---|---|---|---|
| Completed | ||||||
| Exterior Power Washing | $54,000 | $50,550 | Completed | $50,550 | $3,450 | |
| Roof Replacement | $650,000 | $522,590 | Completed | $522,590 | $127,411 | |
| Washer/Dryer Installations | $532,000 | $394,811 | Completed | $394,811 | $137,189 | |
| Architectural / Design | $15,000 | $15,000 | Completed | $15,000 | — | |
| In Progress | ||||||
| Entryway Monument Upgrade | $50,000 | $33,958 | In Progress | $33,958 | $16,042 | |
| Clubhouse Remodel & FFE | $150,000 | $21,108 | In Progress | $150,000 | — | |
| Clubhouse Windows & Door Replacements | $36,400 | — | In Progress | $36,400 | — | |
| Landscaping & Common Area Upgrades (combined)† | $330,000 | $10,609 | In Progress | $306,319 | $23,681 | |
| Pool Area Upgrades (furniture) | $40,000 | — | In Progress | $32,000 | $8,000 | |
| Gym Upgrades | $30,000 | $26,700 | In Progress | $26,700 | $3,300 | |
| HVAC Full Replacements | $192,000 | $39,464 | In Progress | $192,000 | — | |
| Water Heater Full Replacements | $140,600 | $9,823 | In Progress | $140,600 | — | |
| Plumbing Repairs | $40,000 | $13,786 | In Progress | $40,000 | — | |
| Not Started | ||||||
| Asphalt Repairs & Trash Enclosures | $75,000 | — | Not Started | $75,000 | — | |
| Maintenance Shop Upgrade | $15,000 | — | Not Started | $15,000 | — | |
| Website / Marketing Redevelopment | $15,000 | — | Not Started | $15,000 | — | |
| Total Hard Costs | $2,365,000 | $1,138,398 | $2,045,927 | $319,073 | ||
| Contingency (10%) | $236,500 | — | Available | — | $236,500 still available | |
| Project Management Fee | $65,038 | $27,610 | In Progress | $65,038 | — | |
| Total Budget | $2,666,538 | $1,166,008 | $2,110,965 | $555,573 | ||
† Landscaping, clubhouse patio/pergola, and secondary common area upgrades are executed by a single vendor under one combined scope. Combined budget $330,000 / projected $306,319 / variance $23,681 savings.
Loan Fundings
| Draw | Date | Amount |
|---|---|---|
| Draw 1 | Jun 2025 | $535,654 |
| Draw 2 | Sep 2025 | $208,078 |
| Draw 3 | Dec 2025 | $287,783 |
| Draw 4 | Mar 2026 | $100,475 |
| Total Reimbursed | $1,131,990 |
All costs reimbursed from lender holdback except $15,000 architectural/design fee. Draw 4 was submitted in March 2026 but disbursed in early April, so it is included in reimbursed business-plan spend but does not appear in the 3/31/2026 loan balance.
Current Debt Outstanding
$23,014,977
Tranche A1 + A2 combined; ~ $1.485M remains in holdback
Interest Rate
6.55%
Capped rate, both tranches
Maturity Date
4/9/2028
Initial; 2 × 1-year extensions available
Average Monthly Interest Expense
$126,563/mo
Avg. of Jan + Mar 2026 gross interest expense
Average monthly interest expense is based on the average of January 2026 ($125,693) and March 2026 ($127,433) total gross interest expense. February is excluded because the 28-day month understates a normalized monthly run-rate.
Loan Structure — Current Debt Outstanding $23,014,977 · 6.55% · Matures 4/9/2028
| Tranche A1 (Senior) | Tranche A2 (Supplemental) | Combined | |
|---|---|---|---|
| Loan Number | 6606066A1:0 | 6606066A2:0 | |
| Original Balance | $11,884,392 | $10,099,070 | $21,983,462 |
| Current Balance | $12,442,035 | $10,572,941 | $23,014,977 |
| Interest Rate | 6.55% | 6.55% | 6.55% |
| Maturity | 4/9/2028 | 4/9/2028 | 4/9/2028 |
Current balance is shown as of 3/31/2026. It excludes Draw 4 ($100,475), which was submitted during Q1 and funded in early April.
Monthly Debt Service — Tracker Basis (Apr 2025 – Mar 2026)
| Apr '25 | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Jan '26 | Feb | Mar | Q1 2026 | T12 Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Interest Expense | — | (104,835) | (121,789) | (117,882) | (139,081) | (130,673) | (132,885) | (127,083) | (129,394) | (126,396) | (117,384) | (128,136) | (371,916) | (1,375,538) |
| Rate Cap Proceeds | — | — | — | — | 13,080 | 8,371 | 4,629 | 4,288 | 211 | — | — | — | — | 30,579 |
| TOTAL DEBT SERVICE | — | (104,835) | (121,789) | (117,882) | (126,001) | (122,302) | (128,256) | (122,795) | (129,183) | (126,396) | (117,384) | (128,136) | (371,916) | (1,344,959) |
This table follows the Investment Performance Tracker / income-statement basis for debt service. Gross interest expense is shown first, rate cap proceeds are netted below it, and financing fees are excluded here because they are shown separately below debt service in the financials.
Debt Service Coverage Ratio (DSCR)
Market Overview
1Q26 Absorption
3.5K
Demand rebounded from -236 units in 4Q25
Demand Beat Supply
+1.1K
3,465 absorption vs. 2,409 deliveries
2026 Pipeline
10.1K
39% below 2025 deliveries
1980s YoY Rent Growth
-11.8%
Austin market, 1Q26 vs. 1Q25
Quarterly Supply Shock & Demand Response
Austin Effective Rents & Occupancy Summary
Market Analysis
• Market Context: Austin has moved from the peak of the supply shock into the early stages of rebalancing, but the right read is still stabilization rather than a clean broad recovery. The 1Q26 Austin snapshot still shows a clear vintage ladder rather than broad pricing power: effective rents run from $1,021 in 1980s product to $1,618 in 2020+ product, occupancy ranges from 91.4% to 93.7%, and YoY rent change remains negative across every vintage, from -11.8% in 1980s to -5.2% in 2010s.
• How the Curve Has Evolved: Demand largely kept pace with the supply wave through 1Q25, which is why the market did not break sooner despite extreme delivery volume. The real air pocket came in late 2025, when absorption fell to 2.0K in 3Q25 and turned slightly negative in 4Q25 while deliveries were still running near 3.5K to 3.7K units per quarter. In 1Q26, demand rebounded to 3,465 units against 2,409 deliveries, which is the first cleaner sign that the market is moving out of the worst part of the reset.
• Why Operations Still Feel Weak: The chart above is showing effective rent, and that measure is still negative in the Austin 1980s cohort at -11.8% YoY. The local Pflugerville/Wells Branch 1980s read is similar at -11.7%. Operations still feel weaker than that rent read because concessions remain heavy and same-store revenue is still lagging rent stabilization. Concession exposure is also elevated: 49.6% of metro 1980s units are offering concessions, and that rises to 66.6% in the local Pflugerville/Wells Branch 1980s set.
• Investment Read for 2026: The forward signal is now clearly better on supply. The current pipeline points to roughly 10.1K deliveries in 2026, 6.6K in 2027, and 2.2K in 2028, while starts, permits, and units under construction have all rolled sharply lower. That supports the normal apartment recovery sequence: stabilize occupancy first, burn off concessions next, and push pricing only after the resident base is firm again.
Supply & Demand
Demand Swing
+3.7K
4Q25 -236 to 1Q26 3,465
1Q26 Net Demand
+1.1K
Demand exceeded deliveries
2026 Pipeline
10.1K
39% below 2025 deliveries
Unit Starts
-72%
2022 peak to 2025
Supply vs Demand
Delivered Supply
Scheduled Pipeline
Demand (Actual)
Key Supply Insights
Peak supply is behind us. Deliveries stepped down from 30.5K units in 2024 to 16.4K in 2025, and the current 2026 pipeline is only 10.1K. The market is still digesting prior deliveries, but new supply is clearly rolling over.
Demand absorbed most of the wave. Austin posted 42.5K units of absorption across 2024 and 2025, or roughly 91% of the 46.9K units delivered. Demand also beat supply from 4Q24 through 2Q25, which is why the market held together longer than expected.
The real weak pocket was late 2025. Absorption slowed to 2.0K in 3Q25 and fell to -236 in 4Q25 while deliveries were still running at roughly 3.5K to 3.7K units per quarter.
1Q26 was the first cleaner reset quarter. Demand rebounded to 3,465 units against 2,409 deliveries, a net positive of roughly 1.1K units. Starts falling from 25.2K in 2022 to 7.1K in 2025 supports a lighter setup into 2026-2028.
Forward Outlook: Supply Reset
Historical Unit Starts (2021-2025)
Annual Deliveries: Actual + Pipeline Forecast (2024-2028)
Rents & Occupancy
1Q26 1980s Rent
$982
Pflugerville/WB · 1980s vintage
YoY Rent Move
-11.7%
1Q25 to 1Q26 effective rent change
QoQ Rent Move
+0.4%
4Q25 $978 to 1Q26 $982
1Q26 Occupancy
89.2%
Pflugerville/WB · +1.1 pts QoQ
1980s hardest hit: -25% from peak metro-wide and -25.3% in Pflugerville/WB
1980s rent still under pressure: effective rent change is -11.8% in Austin and -11.7% in Pflugerville/WB
Concessions still active: 49.6% of metro 1980s units and 66.6% of local 1980s units are offering concessions
Recovery sequence: occupancy firms first, concessions burn off next, and durable rent growth follows after
Geography
Chart
Period
Vintage
Effective Rent Trends
PWB is an 1980s asset, so the 1980s line is the primary underwriting lens. Other submarket vintage series are useful context, but they are secondary to the 1980s read.
Sales Comps
Subject Basis
$111K/unit
1987 · 304 units · Garden
vs 1980s Median
vs Nearby Median
Recent Local Trades
North / NE / Round Rock sales
Median $/Unit by Vintage
Sale Comps by Property Class
| Product | Location |
|---|
Key Takeaways
Revenue remains the pressure point. EGI is still below acquisition-period levels because vacancy and concessions remain elevated as the team backfills occupancy in a hyper-competitive 1980s-vintage market, although other income improved materially quarter over quarter. Above-the-line operating expenses remain stable and generally below plan, while turnover-related capital is still running heavier than the original underwriting assumed.
EGI Pressure Point
$52K/mo dragEGI down 12.3% since acquisition
Monthly EGI has fallen from roughly $329.4K in Q2 2025 — the first full quarter after acquisition — to about $289.1K in Q1 2026, a drop of roughly $40.4K per month. In Q1 alone, vacancy plus concessions carried about $52K per month of revenue drag while units were being backfilled, with concessions alone averaging roughly $15.4K per month.
Below-the-Line CapEx (Monthly Avg)
$14.6K/mo
Net below-the-line capital spending averaged roughly $14.6K per month in Q1, running above the pro forma turnover allowance. A meaningful portion of the overage reflects the Q1 leasing push — accelerated move-ins required more make-ready turns than a normal quarter — on top of elevated tub/tile resurfacing and floor replacement costs.
Above-the-Line OpEx vs Pro Forma
+$11.4K/mo
Above-the-line operating expenses ran about $11.4K per month favorable to pro forma, even after the franchise-tax accrual moved above the NOI line. The cost base has been broadly stable quarter over quarter. The favorable variance is above-the-line only; below-the-line turnover capital is tracked separately.
Other Income QoQ
+17.9%+$16.6K vs. 4Q25
Total other income increased to about $109.7K in Q1 2026 from roughly $93.1K in 4Q25, an improvement of about $16.6K quarter over quarter. RUBS was the primary driver, partially offsetting the revenue pressure from vacancy and concessions.
Quarterly Performance
Current Position
The cash-burn test and the lender coverage test are separate. Both need to be shown together here.
Actual cash burn was ($72.5K) in Q1, or roughly ($24.2K) per month on average, starting with reported Net Levered Cash Flow and adding back the deferred asset management fee plus non-operating write-offs only. Separately, the property remains about $17.5K per month short of 1.05x DSCR using a forward debt-service assumption of $128K per month and moving franchise tax below the line for lender purposes. That coverage gap is important to measure because the property's DSCR covenant holiday expires in September 2026.
Cash Burn Bridge
| Line Item | Jan '26 | Feb '26 | Mar '26 | Q1 Total |
|---|---|---|---|---|
| Reported Net Levered Cash Flow (Row 74) | (45,703) | (23,442) | (30,934) | (100,079) |
| Add back: Deferred asset management fee (Row 52) | 4,260 | 4,551 | 4,279 | 13,089 |
| Add back: Non-operating write-offs (Row 51) | 7,208 | 7,291 | 0 | 14,499 |
| Actual Cash Burn | (34,236) | (11,601) | (26,654) | (72,491) |
Methodology: Monthly Cash Flow tab rows 74, 52, and 51 from the March 2026 dashboard. Actual Cash Burn = Reported Net Levered Cash Flow + deferred asset management fee + non-operating write-offs. Q1 total = ($100,079) + $13,089 + $14,499 = ($72,491), or about ($24.2K) per month. Professional fees are not added back and remain in actual cash burn.
Owner Reserve Snapshot
| Line Item | Balance | Notes |
|---|---|---|
| Owner reserve (notional committed) | $283,284 | — |
| Less: temporary business-plan outlay | ($160,880) | Reimbursed within 60 days via future fundings |
| Current liquid balance | $122,404 | Available today |
| Plus: business-plan reimbursement | +$160,880 | Next 60 days |
| Plus: bulk-internet door fee ($200 × 304 units) | +$60,800 | One-time liquidity event |
| Projected total (within 60 days) | $344,084 | Near-term liquidity ceiling |
Projected Runway Sensitivity (within 60 days)
Current Q1 Pace
~14 months
Uses actual Q1 cash burn of roughly ($24.2K)/mo with no operating recovery assumed.
$344,084 projected reserve divided by Q1 actual cash burn.
At 90% Occupancy
~22 months
Occupancy-only sensitivity. Monthly burn falls to roughly ($15.8K)/mo if physical occupancy improves from the Q1 average to 90%.
Credits only vacancy-loss recovery; no concessions, trash, or bulk-internet upside assumed.
At 92% Occupancy
~31 months
Occupancy-only sensitivity. Monthly burn falls to roughly ($11.2K)/mo if physical occupancy improves from the Q1 average to 92%.
This uses the same ~+$13.0K/month vacancy-loss recovery already shown in the bridge above.
The current $122.4K liquid balance reflects a temporary $160.9K outlay for business-plan expenditures that will be reimbursed within 60 days through future fundings.
Runway uses the actual-cash-burn methodology above and assumes no additional capital calls. The 90% and 92% cases are occupancy-only sensitivities: they credit vacancy-loss recovery from the Q1 average physical occupancy of roughly 86.3%, but do not give credit for concessions, trash savings, bulk internet, or other operating recovery currently underway.
Path to 1.05x by September
The sensitivity is now shown by occupancy case, with the other operating assumptions held constant.
Starting from a roughly $17.5K per month gap to 1.05x, the chart below reflects occupancy plus a few NOI-supporting items already underway. Each case includes the same concession taper back toward February's run-rate, the same bulk-internet rollout, and the same trash-savings assumption; the only thing changing across the three paths is where physical occupancy lands by the end of May: 91%, 92%, or 93%. We factored April occupancy as a blended average of roughly 89%.
Path to 1.05x by Occupancy
92% Occupancy
93% Occupancy
91% Occupancy
1.05x DSCR Threshold ($134.4K NOI)
92% Occupancy
~+$23.2K by Sep
Assumes physical occupancy reaches 92% by the end of May and holds there through September.
Crosses in August and builds roughly $5.7K of cushion by September.
93% Occupancy
~+$25.5K by Sep
Assumes physical occupancy reaches 93% by the end of May and holds there through September.
Crosses in August and builds roughly $8.0K of cushion by September.
91% Occupancy
~+$20.9K by Sep
Assumes physical occupancy reaches 91% by the end of May and holds there through September.
Crosses only in September, with roughly $3.4K of cushion.
Common assumptions held constantThe only thing changing above is stabilized physical occupancy by the end of May.
Reference
April occupancy anchorBlend of roughly 87.5%–88.0% at the beginning of April and about 90.5% projected by April 29.
~+$6.4K
Occupancy sensitivityEach additional 100 bps of physical occupancy above or below 92% is worth roughly $2.3K per month of NOI versus the Q1 baseline once the property is stabilized.
~$2.3K / 100 bps
Concession normalizationHeld constant across all three paths as concessions taper back toward February's run-rate.
~+$4.2K
Bulk internet billingSame rollout across all three paths. Billing starts in July and builds to roughly +$3.5K per month of NOI by September.
~+$3.5K by Sep
Trash savingsHeld constant across all three paths once fully visible in the operating statement.
~+$2.5K
92% Occupancy Case by September
~+$23.2K
The chart above shows projected adjusted NOI run-rate, not just incremental improvement. All three paths compare Q1 average NOI plus the franchise-tax add-back against 1.05x of a forward debt-service assumption of $128K per month ($134.4K required NOI). Concessions taper back toward February's run-rate, bulk internet builds to roughly +$3.5K per month by September, and trash savings are applied the same way across the three occupancy cases; only stabilized physical occupancy changes.
Total Assets
$37.03M
Quarter-end balance sheet
Total Liabilities
$23.33M
Includes $23.01M mortgage (A1 + A2)
Owner's Equity
$13.70M
Net of contributions & accumulated earnings
Balance Sheet
| Line Item | Balance |
|---|---|
| ASSETS | |
| Current Assets | |
| Cash | |
| Petty Cash | 250 |
| Cash-DACA | (27,559) |
| Operating Cash | 67,931 |
| Cash Other — Security Deposits | 90,124 |
| Cash Other — Capital Reserve | 283,284 |
| Total Cash | 414,030 |
| Cash in Reserve / Escrow | |
| Tax Escrow | 150,870 |
| Insurance Escrow | 146,647 |
| Reserve Replacement | 25,191 |
| Capital Improvements | 49,515 |
| Total Cash in Reserve | 372,222 |
| Accounts Receivable | |
| Accounts Receivable — Rent | 7,980 |
| Other Receivable | 10,278 |
| Allowance for Doubtful Accounts | 9,718 |
| Due to/from Buyer-Seller | (5,741) |
| Total Accounts Receivable | 22,234 |
| Prepaid Expenses | |
| Prepaid Property Insurance | 69,499 |
| Prepaid Other Insurance | 37,275 |
| Prepaid Payroll | 53,304 |
| Prepaid MIP | 4,221 |
| Miscellaneous Prepaid | 1,334 |
| Total Prepaid Expenses | 165,632 |
| Total Current Assets | 974,119 |
| Fixed Assets | |
| Land | 2,815,831 |
| Buildings | 32,382,060 |
| Roofing & Roofing Improvements | 535,654 |
| Loan Fees | 297,688 |
| Total Fixed Assets | 36,031,233 |
| Other Long-Term Assets | |
| Deposit — Water | 22,857 |
| Total Other LT Assets | 22,857 |
| TOTAL ASSETS | 37,028,209 |
| LIABILITIES & OWNER'S EQUITY | |
| Current Liabilities | |
| Accounts Payable | 45,857 |
| Other Payable | (5,426) |
| Accrued Mortgage Interest Payable | 2,780 |
| Misc Accrued Expenses | 6,794 |
| Unclaimed Property | 736 |
| Payroll Clearing Account | 0 |
| Prepaid Tenant Rent | 16,023 |
| Security Deposits | 83,378 |
| Pet Deposits | (450) |
| Total Current Liabilities | 149,691 |
| Tax Liabilities | |
| Property Tax Payable | 159,055 |
| Texas Margin Tax Payable | 7,333 |
| Total Tax Liabilities | 166,388 |
| Long-Term Liabilities | |
| Mortgage Payable (A1) | 12,500,000 |
| Mortgage Holdback (A1) | (57,965) |
| Mortgage Payable (A2) | 12,000,000 |
| Mortgage Holdback (A2) | (1,427,059) |
| Total Long-Term Liabilities | 23,014,977 |
| TOTAL LIABILITIES | 23,331,056 |
| Owner's Equity | |
| Capital Contribution — Investors | 14,468,009 |
| Prior Year Distributions | (85,938) |
| Retained Earnings (Prior) | (456,754) |
| Current Earnings | (228,164) |
| Total Owner's Equity | 13,697,154 |
| TOTAL LIABILITIES & EQUITY | 37,028,209 |
Note: Prior Year Distributions represents a GP-level accrual and does not reflect cash distributions to limited partners. No cash distributions have been made to limited partners since acquisition.