117 Unit Ground-Up Apartments

[Solomon Floyd]

Investment Info:

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

Purchase price: $450,000
Cash invested: $250,000

Our goal is to build a 117-unit garden-style apartment for the
growing and under-housed population of Wichita Falls TX.
Our target tenant base will be made up of mainly military and
medical personnel. With a property of this size directly across
the street from Sheppard AFB and connected to both
Interstate 44 and TX Highway 240, we are centrally located to
offer a livable housing solution that can command higher
rents

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

Multi-family has always been on my list of assets to build and own. As soon as I found the right opportunity I started to raise funds and begin development.

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

I was searching online for land that would fit 100+ units. The seller was happy to sell the property as it was just an asset on her balance sheet.

How did you finance this deal?

We have yet to find financing for this deal, once we get close to the full entitlement we will submit it to lenders.

How did you add value to the deal?

Site indentifaction, build, and management

Lessons learned? Challenges?

There are SO many apartment configuration methods out there, you'll want to do research on your market and what they are looking for.

[Kyle Mccaw]

Congrats. I am very active in that market and own a few houses near that property. It will be fun to watch this deal come together. I can refer a good multifamily construction company if you need one.

[Marc Stevenson]

Love the Wichita Falls area!   Congrats on your project.  It's badly needed there, and I wish you all the best!