MSP 93 unit Syndication

[Alex B.]

Investment Info:

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

Purchase price: $11,200,000
Cash invested: $2,240,000

Purchased 93 units in the Minneapolis, MN area via syndication. This is a class C value add project that we have owned for 2 years now. We were able to get a good deal by sticking around when Covid was looming with lots of uncertainty and all other buyers left the table. This was financed with an agency note with no recourse. We are turning each unit as they become vacant with almost a $200 increase in rent per unit.

How did you finance this deal?

Agency financing with CBRE

How did you add value to the deal?

We are remodeling each unit with new cabinets, countertops, paint and LVP flooring.

What was the outcome?

We are able to offer nicer units at almost a $200 per month increase in rent.