138 Unit Syndication - The Story

[John Cohen]

Hello BP!!

Just wanted to shoot out an update to the BP community. I signed contracts on another syndication yesterday. It is a 138 unit in Wilmington, NC. 1984 construction well maintained property with a nice value add component.

The property is currently being owned by 2 brothers, who have a construction background and have a in-house manager. The buildings went through a exterior update (new roofs and windows) in 2007. The owners live about 4 hours away, so what was more important to them was long-term paying tenants, so the rents are below market and the property has no amenities. 

The Plan:

1) Add washer/dry to the remaining 69 units. (Cost - $2,500/unit)

2) Add an extensive amenity package. (New pool house gym, fire pit and out door BBQ area, beach volleyball court, adding a pet park, clubhouse,  and upgrade of pool area and leasing office.)

3) They have 2 model units, I will only have 1 model unit.

4) Professional Management

Plan on increasing rents to market and holding 7-10 years. 

The location of the property is across the street from University of North Carolina Wilmington (UNCW),  4 miles to Wrightsville Beach and 6 miles from Downtown Wilmington. 

Any questions let me know.