Closed: 250 Unit Apartment Community | Syndicated Deal

[Ivan Barratt]

The real thanks goes to my team and our partners! Without quality people I'd still be managing a hundred houses by myself instead of 1250 units with my sites on 2,000 and beyond! Great deals are tough to find but persistence pays off!

Here's the low down:

250 Units, Evansville, IN | Class C+/B- Asset

Acquisition and Assumption of Existing Debt (35yr Amort at 2.93%) + Mezzanine Note + Equity of about ~23% 

Equity Raise: ~3.1 Million (our own cash + limited investors as well).

Plan: achieve cash on cash returns in the mid teens (going in 8.55%), IRR of 15%+ and 2.25x over a 7 year hold.

[Ivan Barratt]

Thank you @Todd Dexheimer and @Michael Le

@Jeff Greenberg it's a very light value add. most of the heavy lifting had already been done. for this deal it's more about getting a solid, low risk income stream for the investor. in short we'll make cosmetic upgrades to units when they turn in order to keep growing rents 2% to 3% average per year.  The project has 500k in replacement reserves so we'll use some of that as well as operating cash flows.  We also have some deals in the pipeline with more extensive rehab in the biz plan and we're currently renovating around 500 units at various projects.