Clearbrook Village Apartments Memphis TN 144 Units

[Kishanchandra Golla]

Investment Info:

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

We (Me and my Partners) bought "Clearbrook Village Apartments" deal of 144 units with SEC 506(B) Syndication. Mark Kenney & Tamiel Kenney from Think Multifamily helped us to find this deal, walk through us from beginning to closing, with their tremendous help and support we could able to build a team in bringing risk capital, raising capital from Investors(with whom we have established relation) for closing as well as for rehab, finding Guarantors:

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

This deal is 10% cash flow and Huge value adding, Total returns on this deal is 140% in 5 years period

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

Mark Kenney & Tamiel Kenney from Think Multifamily helped us to connect with brokers in Memphis TN, Because they have closed deals with local brokers.

How did you finance this deal?

Thinkmultifamily has dedicated financing help to support all our group members

How did you add value to the deal?

It was 80% occupancy, We have done heavy lifting like $15k/unit rehab on each unit and we rebuilt 16 burned units in 6 months from the day we acquisition and we brought occupancy to 97% by March 2019. Our investors love this deal.

What was the outcome?

Our investors are getting hug cash flow + value adding, We are getting ready for agency refinance.

Lessons learned? Challenges?

Heavy lifting rehab projects are hard to raise capital, But we did it with tremendous help & support by our Mentors (Mark Kenney & Tamiel Kenney from Think Multifamily). Have great Mentors like we have, who can hold your hand all the time. because "Great mentors can help you crush your decades worth of goals in to days", Build the right team with help of mentors. It is definitely worth of paying a Mentor who can produce Outstanding results.

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

I would recommend get 1 on 1 coaching with Mark Kenney & Tamiel Kenney, Think Multifamily is an awesome group to be part of.

[Curtis Rouse Jr]

@Kishanchandra Golla

Congrats on this 144 unit deal in Memphis! I'm also looking in the area for a 50 - 125 units as there are a lot of value add deals in the maket. 

Quick question, what was your purchase price and what are you expecting the appraisal to come back on an income based approach?