Closed On Our 1st Mulit-Family Project

[Doug Ceresia]

This is my first post on Bigger Pockets but I've been a podcast listener for a while now...and I am stoked to say my partners and I owe a lot to this site and members' posts to our recent acquisition. We have learned a lot from you all. Thank you.

Now to the deal...This week we successfully completed a $5.5 million purchase of Riviera Marina (see pic); a 5 building, 12 unit, value-add multi-family project located in the Crown Point neighborhood of Pacific Beach, San Diego. It was weeks of hard work and negotiations but in the end we were able to close the transaction and venture into Landlord status.

We plan on renovating the mixed unit project with new and modern/beachy finishes (see pic) to both the interior and exterior, and will rent the apartments upon completion of each unit.

This is the first investment property bought under our new company started in May (2018) and we’re looking forward to many more in the future. 

A huge thank you to all who have contributed in this successful transaction!

[Cody L.]

I used to live in crown point on Shasta. 

Close to $500k/unit and that needs to be fixed up and leased. Super props to you that you’re able to make that work and get it financed!

Best of luck! It’s an A+ location for sure. 

I'd love to stop bottom feeding on C cash flow deals in Houston and do more "nice" stuff in San Diego. I just can't find deals that wouldn't require nearly all cash to buy and be low CAP. though at some point I might just do it to do it.

I recently closed on a 110 unit in Houston for $5m. Has $71k I’d rent roll. Those types of deals are hard to quit