Just Closed a 240 unit Apartment Complex

[Brian Adams]

I am happy to report that today I closed on a 240 unit apartment complex in Atlanta, GA that I bought for $9.4 million and it appraised for $9.9 million. Capital raise was $3 million and my investors are super excited!!

[Brian Adams]

@Tony SanFilippo, the deal was listed with a broker. 

I did a Fannie Mae loan execution. The LTV was 83%.

This is a value add deal and anticipate holding the asset for 3 to 5 years. I decided to go with a 7 year adjustable rate mortgage. I locked the base interest rate at 3.43% and the index floater is based on the 1 month LIBOR or a going in rate at 3.869%. With potential interest rate risk I do have the option to lock the rate into a fixed rate loan product.

This is my 4th syndication and work with investors who are looking for passive income without the hassle of running a large deal like this. 

I live 40 minutes south of Philadelphia, PA and have a local 3rd party management company in Georgia who will manage the day to day operations. 

I am very hands on operator and work very closely, in partnership with the management company to help me execute my value-add strategy on this asset.

Hope the above is helpful to you my friend...