Austin, MN value add 126 multifamily unit

[Alex B.]

Investment Info:

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

Purchase price: $7,330,000
Cash invested: $1,500,000

This was a 126 unit apartment complex in Austin, MN with value add opportunity. With almost half of the units remodeled when we purchased it. We are about half way through our remodel and have over shot our projections for this portfolio by $80,000 in the first year. We were able to purchase another 11 unit building next to this one with the funds from the remodel budget since we have excess funds from that raise. This will be a long term hold and a great producing asset fro Dwell Capital.

How did you finance this deal?

traditional financing with a 3 year arm and partial recourse