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306 Unit Multi-Family in TX - $300M+ AUM photo 1

Ironwood at Princeton

Balanced
Princeton, TX
Target Return
24.00%
Minimum
$50,000
Hold Period
2 Years
Blom CapitalSponsored by Blom Capital · $300M AUM
Overview

Ironwood at Princeton is a 306-unit Class A multifamily development currently under construction in Princeton, Texas, located off Highway 380 in the rapidly growing DFW metroplex. The property was acquired significantly below market through an opportunistic purchase from an underfunded seller on the verge of foreclosure, with development already 50% complete at takeover. Sponsored by Blom Capital in partnership with JT Capital, the project targets an 18-month completion timeline with stabilization and sale within a 2-year hold.

Why This Opportunity

  • Deep-value acquisition: Property acquired significantly below market from a distressed seller who was underfunded and on the verge of foreclosure, with 50% of development already complete at takeover

  • Below-replacement cost basis: All-in cost per unit of $179,977 with stabilized valuation estimated at $60M, targeting sale at $70-75M within 2-3 years

  • Major entitlement risk removed: Permits and zoning fully approved, land development complete, majority of construction materials already purchased and on-site

  • Prime Princeton location: 306 units on a 15.4-acre site next to Highway 380 with high traffic visibility, in a Class A area with land alone valued at $10M+

  • Explosive market growth: Princeton's population surged from 25,000 to 45,000 in six months, with 600% growth projected over the next five years, far exceeding housing supply

  • No competing multifamily pipeline: Princeton faces increased housing demand with no additional multifamily developments planned in the submarket

  • Proven rent comps: Comparable studios averaging $1,379/mo, 1BR at $1,516/mo, 2BR at $1,986/mo, with 90-97% occupancy across local comp set

  • Tiered preferred return structure: Class A1 investors ($250K-$999K) receive 8% pref with 22%+ IRR target; Class A2 investors ($1M+) receive 9% pref with 24%+ IRR target

  • Projected returns: 24% target IRR with a 1.48x equity multiple over a 2-year hold

Deal Structure

  • Total project cost: $55,072,962

  • Senior loan: $40,035,000 at 74% LTC, 12.5% interest rate, 3-year term with two 1-year extensions, interest-only

  • Total equity: $15,037,962

  • Acquisition cost: $22,288,000

  • Construction cost: $23,465,400

  • Minimum investment: $50,000

  • Hold period: 2 years (18-month build + 6-month stabilization)

  • Expected exit: Sale at $70-75M stabilized valuation

  • Offering: 506(c) Reg D, accredited investors only

Investor Tiers

  • Class A1 ($250K-$999K): 8% preferred return, 22%+ IRR target, 24%+ AAR, 80/20 LP/GP split up to 15% IRR and 60/40 thereafter

  • Class A2 ($1M+): 9% preferred return, 24%+ IRR target, 26%+ AAR, 90/10 LP/GP split up to 15% IRR and 70/30 thereafter

Property Details

  • Address: 599 W Princeton Dr, Princeton, TX

  • Total units: 306

  • Unit mix: 54 studios, 156 one-bedroom (across 690/715/800 SF layouts), 96 two-bedroom (across 1,090/1,095 SF layouts)

  • Average unit size: 798 SF

  • Total rentable SF: 244,230

  • Property class: A

  • Year completed: 2026 (projected)

  • Stories: 3

  • Parking spaces: 625

  • Current physical occupancy: 0% (under construction)

Development Timeline

  • March 2025: Loan funding, Group 1 foundation work begins

  • April-May 2025: Group 1 stucco, Group 2 windows/doors, Group 3 concrete poured

  • June-July 2025: Group 1 interiors, Group 2 rough-ins, Group 3 framing complete

  • August-November 2025: Sheet rock, TCOs for Groups 1 and 2, Group 3 rough-ins

  • December 2025-February 2026: Group 3 interiors and TCO

  • March-April 2026: Amenities, perimeter fencing, gates, access controls

  • May-June 2026: Site cleanup, final C.O., stabilization

How Allocation Works
$15,500,000
Offering Size
÷
$50,000
Minimum
=
310
Investor Limit
310 is the investor limit if everyone invests the minimum. Since many invest more, the offering typically fills with fewer.
Project Your Returns
The Market

Princeton, TX

Princeton, Texas is one of the fastest-growing cities in the United States, located within the DFW metroplex in Collin County, just east of rapidly expanding McKinney.

Princeton Market Fundamentals

  • 3rd fastest-growing city in the U.S. with a 22% population increase in 2023

  • Population surged from 25,000 to 45,000 in six months, with 600% growth expected over the next five years

  • Projected to reach 2.5 million residents by 2050

  • 65% rise in home prices since 2018, yet remains one of Texas' most affordable areas

  • Median home prices of $348,900 with average rents of $2,060

  • Average household income of $105,589

  • Job growth of 35.4% over the last decade, with future growth projected at 48.6%

  • AA+ bond rating from S&P, indicating strong financial capacity

  • Princeton ISD has 11 new school campuses planned by 2030, with the district receiving an A rating

  • A rating in overall crime, making Princeton one of the safest places in Texas

Employment Base (by industry share)

  • Professional, Scientific, & Technical Services: 14.3%

  • Health Care, Social Assistance: 10.6%

  • Finance & Insurance: 10.3%

  • Manufacturing: 8.1%

  • Accommodation, Food Services: 6.2%

  • Construction: 5.1%

  • Waste Management Services: 3.7%

  • Transportation, Warehousing: 3.4%

Retail and Business Pipeline

Princeton's commercial base is expanding rapidly, with 35+ national retailers and restaurants scheduled to open in 2025, including Market Street, Aldi, Lowe's, Hobby Lobby, Marshall's, Ross, Burlington, Chili's, PNC Bank, Texas Roadhouse, Aspen Dental, PetSmart, Five Below, Walgreens, and Costa Vida.

Supply-Demand Imbalance

Princeton faces acute housing shortage dynamics with population doubling in 18 months while housing supply has not kept pace. No additional multifamily developments are currently planned in the submarket, positioning Ironwood at Princeton to capture rising rental demand without direct new-build competition.

Common Questions

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Target Return
24.00%
Equity Multiple
1.48x
0 Views
310 Investor Limit

Initial Investment ($)

$50,000$50,000$1M

Assuming your selected investment, after 2 years you could expect a return of:

Projected Return (2 yrs at 24% IRR)
$74,000
Irvine, CA 92612

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