Closed on 101 unit multifamily community

[Seth Robinson]

Investment Info:

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

Purchase price: $4,820,000
Cash invested: $1,764,000

Southern Pines is a 101-unit asset located in the emerging Gulfport market. It is located in close proximity to I-10 and is home to the largest retail corridor in the metro area.This is a well maintained C+ property in a B+/A- location. Great amenities including pool and BBQ area. Potential to increase rents by 17-18% after light interior unit updates and achieve operational efficiency with new property management that has proven this in market with a similar asset.

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

I source, invest and syndicate cashflowing C+/B class multifamily apartment communities in the Southeast. Southern Pines is a stabilized property that was mismanaged and will benefit from professional property management and light renovation to bump rents 18%.

How did you finance this deal?

Non-recourse Freddie Mac SBL