Diligence pays off: Lessons learned closing a 224 unit Apartment

[Todd Dexheimer]

Recently I closed on a 224 unit apartment in Memphis, TN. The apartment community is a strong B class value add opportunity. I wrote 47 LOI's and underwrote over 200 apartments to snag 1 deal! That's just part of today's market. Learn about my lessons learned while taking down our latest apartment community.

This was a fun deal from the start! The best part is we traveled to the property 1 month after closing and there are 14 renovated units all under budget, with rents averaging $25 more than we projected. The property started at 89% occupancy on May 14th and is now at 95.5% occupancy 35 days later. 

Check out the lessons learned here: 

https://www.biggerpockets.com/member-blogs/10145/85607-diligence-pays-off-closing-a-224-unit-apartment

[Taylor L.]

Well done Todd! Persistence pays off. How did you backfill those unfulfilled investor commitments? That's always frustrating