Greystone & Phoenix Village Apartments / 145 units

[Elijah Vo]

Investment Info:

Large multi-family (5+ units) commercial investment investment in Fort Smith.

Purchase price: $4,775,000

Phoenix Village & Greystone Apartments is a 1970-90s built-asset that is strategically located in Southwest Fort Smith, AR. The quiet neighborhood offers residents enjoy access to major employers, schools, and thoroughfares.

What made you interested in investing in this type of deal?

The owner back then was a long term owner and motivated to sell. He had kept the property in great condition, but neglected to bring it up to market specs. This unique position allowed us to implement an interior value-add, upgrade amenity package, and push rents to match existing markets.

How did you find this deal and how did you negotiate it?

Commerical broker.

How did you finance this deal?

Long term fixed debt through Fannie Mae.

What was the outcome?

It is currently stabilized and cash flowing! Our revenue is tracking what we originally projected.

[Elijah Vo]

Thanks Bonnie...so far this has been a great project for us!

Great info on the cost seg, and yes we do cost segs for every property. Tax savings is one of the biggest benefits of RE and cost segs are Huge for this!