newest acquisition Jacksonville, FL

[Chris Grenzig]

Investment Info:

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

Purchase price: $7,454,000
Cash invested: $650,000

Bought off market in conjunction with Highlander apartments. Plan is to rebrand, landscape, exterior paint, and somewhat overhaul the exterior, renovate interior units and sell within 3-5 years after implementing our capital plan.

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

We target 100-300 unit properties built in the 60's-90's in several markets across southeast and midwest. We feel these have great upside with a good amount of downside protection.

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

This deal was secured off-market.

How did you finance this deal?

Freddie small balance loan 75% est.

How did you add value to the deal?

Exterior/amenity improvements, unit interiors roughly 50% of the total, add 3 additional units in storage space.