Acquired new MF in Cleveland

[Sitaram Koppaka]

Investment Info:

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

Purchase price: $1,600,000
Cash invested: $400,000

The Revel Apartment is located on Cleveland’s west side in the popular Kamms Corner neighborhood. The property features 27 units with 24 off street parking spots, onsite laundry room and great visibility from Rocky River Drive. The property has undergone significant renovations. S

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

By increasing rents I could get a CAP rate of more than 8%, with RUBS I could goto 12%

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

Off market networking

How did you finance this deal?

traditional financing, 5% APR