Boone, Ia 150 unit multi-family value add

[Alex B.]

Investment Info:

Large multi-family (5+ units) commercial investment investment.

Purchase price: $8,100,000
Cash invested: $1,694,000

This is a Value add 150 unit in the great little midwest town of Boone, Ia. The properties were a little under weather when we purchased them and that is why we were able to get them at a good rate. We have hired a maintenance crew to remodel most of the units with new paint, LVp flooring, and new cabinet pulls. We are seeing an average of $100 per unit increase after remodel. This asset has been performing well and we look forward to adding new units to this market.

How did you finance this deal?

Conventional financing with full recourse. 80/20 LTV with US Bank on a 5 year arm.

How did you add value to the deal?

New LVP, paint, and cabinet pulls

What was the outcome?

increased rents an average of $100 per unit.