200 Unit Multifamily

[John Cohen]

Investment Info:

Large multi-family (5+ units) other investment in Taylors.

Purchase price: $9,250,000
Cash invested: $3,000,000
Sale price: $13,250,000

200 Unit multifamily family property outside of Greenville, SC

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

The basis was great for the market and the market was growing

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

Broker brought deal to the table, it had a affordability component to it so that gave us an advantage

How did you finance this deal?

12-year Fannie Mae debt, fixed rate with a 30 year amortization

How did you add value to the deal?

We upgraded the exteriors with landscaping, dog park, playground, and shutters. Then we sub-metered the water and started to bill back residents

Lessons learned? Challenges?

Lessons learned were never pass on a deal out of the box, find out the story and make an offer that makes sense for you. This deal was a pass by us, then I checked back in on it and found out pricing expectations where less then expected