60 Unit B Class Apartment Renovation

[Bill Ham]

Investment Info:

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

Purchase price: $9,500,000
Cash invested: $2,500,000
Sale price: $10,700,000

2100 Defoors Apartments.
This was a beautiful 60 unit apartment complex in Buckhead Atlanta. My partners and I bought this with a GP/LP structure. We bought, renovated and sold.
https://broadwellpropertygroup.com/portfolios/2100-defoors-atlanta-georgia/

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

Location, Location, Location! This address is in a prime location in Atlanta GA. This asset was managed by my management team at Echo Residential Management.

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

Off market through a realtor. Relationships with agents is KEY to finding apartment deals over 50 units.

How did you finance this deal?

Bancorp bridge loan. 3+1+1

How did you add value to the deal?

My management company Echo Residential improved the value of the asset by lower expenses and improving operations.
Valuation through operation, not renovation!

What was the outcome?

We sold for a lot of money.

Lessons learned? Challenges?

Cash flow is good but location is better.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes.