Apartment purchase - Decco 109

[Matt Borgeson]

Investment Info:

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

Purchase price: $4,750,000
Cash invested: $1,150,000

Additionally, there is roughly $600,000 currently set aside that is to be utilized for renovations activities.

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

Through a brokerage firm and yes we negotiated all aspects.

How did you finance this deal?

Syndication of the equity and a debt from a relationship lender.

How did you add value to the deal?

My partner and i Just recently acquired this deal (i.e., 11/01/2018), so we are only at the beginning stages of our mechanical and electrical renovation process, but have already been able to eliminate certain recurring operating expense items that were unnecessary and provided no incremental benefit to the property from being incurred.

What was the outcome?

Going well thus far, but because we just purchased and started out renovation program, it's too early too assess an outcome.

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

My partner at B&R Capital Parnters, Zack Rall.