Regatta Apartment Homes, San Antonio, TX

[Charles Wainer]

Investment Info:

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

Purchase price: $20,000,000
Cash invested: $12,580,000

Lakefront Class B, a 200-unit apartment complex acquired at a significant discount, is open for syndication for accredited investors.
Capex $3.7MM, Agency financing 66% LTV @4.05% with 18 months IO.

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

Acquired at a significant discount, great location, distressed asset.

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

A member of the team found it. Required immediate hard money.

How did you finance this deal?

We assumed an existing agency loan with excellent terms. Syndicating $12.58MM.

How did you add value to the deal?

3.7MM capex, remodeling inside units, pool area, new gym, package lockers, fix and paint all exterior, resurface parking, pad cover parking, EV charging, solar.

What was the outcome?

Closing first week of March 2024