IncomePlus Fund

Haven at Mansfield

Dallas,

TX

Total Required Equity
$5,500,000
Asset Type
Multifamily
Investment Objective
Income
IRR
14%
Hold Period
2.7 Years
Investment Date
2/26/2021

Investment Summary

Haven at Mansfield is a 257-unit, ground-up Class A multifamily commercial real estate development outside of Dallas, TX targeting a 12.5% annualized return for our $5.5 million preferred equity investment. Our development partner on this project is Guefen Development, who has completed 29 previous projects in Texas. Guefen has a vertically integrated business structure that allows them to deliver a high-quality product at competitive pricing, leading to above-market returns.  

The development is expected to be delivered in 2023. It sits on 16.42 acres, has an average unit size of 870 square feet, and is located within 30 minutes of both Dallas and Fort Worth. The asset will include top-of-market amenities including a large clubhouse, resort-inspired swimming pool, an expansive indoor/outdoor social lounge and a modern fitness center.  

Key Deal Points

Mansfield, TX has historically been stringent on its approval of new multifamily developments by enforcing strict limitations on multifamily zoning. This project will be the last 257 multifamily units approved under Mansfield’s 1,000-unit multifamily limit which will make them highly desirable for renters. Haven at Mansfield is also part of a larger planned urban development efforts and is in close proximity to Mansfield Medical Center, Texas Health Mansfield Hospital, and the shops and restaurants of Historic Downtown Mansfield.

Guefen specializes in Class A multifamily development in the central and southwest U.S. Guefen is vertically integrated in investment, development, and construction and has extensive experience in both urban and suburban projects. We have previously worked with Guefen on Haven at Bellaire, an Origin Fund III project, located in suburban Houston that is currently on time, on budget and enjoying a successful lease up.

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