The Bluffs @Central & Lakeside Townhomes / 267 units

[Elijah Vo]

Investment Info:

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

Purchase price: $8,600,000

The Bluffs & Lakeside are 1980's vintage assets located on two unique strategic tracts.

The Bluffs straddles a high-traffic thoroughfare with great frontage road with average traffic counts that exceed 37K cars daily. It is situated near major retail, grocery, and employers. The location offers tremendous exposure to showcase the planned cosmetic rehab and bring significant value to the property as we turned it from a known eyesore to a point of pride for the local area.

Lakeside is a strong class B property that benefited with minimal improvements in order to bring it up to market rates. The property is situated right next to a picturesque pond and offers serene views and tucked-back, quiet environment while still allowing for quick access to the major amenities nearby.

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

The low deferred maintenance and high, value-add component. Both properties were under market rent which allowed us to profit from raising rents to market levels, as well as additional rent increases realized from remodeling, and addition of amenities driving further value to the residents.

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

We found it through broker relationships.

How did you finance this deal?

Bridge debt that will be refinanced into long-term agency once the property is stabilized.

What was the outcome?

This has been a great portfolio! It's revenue has exceeded our initial proforma.