The Gobi Apartments - 92 Unit San Antonio

[Connor Stark]

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $6,140,000
Cash invested: $2,500,000

This is a 92-unit deal in San Antonio that we purchased and are currently remodeling!

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

GCM targets value-add multifamily properties in up and coming markets. We liked this deal because it was a heavy lift that most groups were too nervous to take on. One of the pools was uprooted from the winter freeze. The property needed be converted to a HVAC system because the two chillers were broken. A sewer line needed to be replaced. We know if we can get this property turned around that we can supply a good tenant base with a comfortable home all while making a good return for investors.

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

We found it off-market from a local agent who we met through networking.

How did you finance this deal?

We used bridge financing and will refi once the deal is stabilized into a permanent loan.

How did you add value to the deal?

We converted all buildings from chiller systems to HVAC. We removed the obsolete pool, and added a BBQ/Dog park to the list of amenities. We are doing a full interior renovation of the 92 units. We are painting and rebranding the building as well. We fixed all plumbing issues big and small at the site.

What was the outcome?

TBD - but we are very optimistic.