66 Unit Apartment Syndication

[Constantine Vasilatos]

Investment Info:

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

Purchase price: $4,000,000
Cash invested: $1,200,000

66 Unit B class apartment complex

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

Its a value add opportunity in a solid B class area.

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

Commercial Realtor

How did you finance this deal?

Syndicated, Freddie Mac "No recourse loan"

How did you add value to the deal?

Added Amenities and updated units

What was the outcome?

Average rents were $725 mo. We are now renting updated units for $945 mo.

Lessons learned? Challenges?

Make your first apartment acquisition be 100+ units.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Josh Wintermute, Marcus and Millichap