1,275 Unit Multifamily Five Property Portfolio Closed!

[Jorge Abreu]

Investment Info:

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

Purchase price: $75,289,995
Cash invested: $21,059,780

1,275 Unit Multifamily Five Property Portfolio located in Southwest Houston.
True Value Add with Interior ungrades & exterior cosmetics. Rents are currently below market comps. We are upgrading units, taking care of deferred maintenance, cosmetic Exterior upgrades and amenity additions and improvements.

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

Purchase price at a low basis
Great market
Workforce Housing
Rents way under market value
The lack of upgrades
Poor property management in place

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

By building a relationship with the listing broker. We were able to negotiate a good purchase price bc we were willing to take down the full portfolio and the seller was eager to deal with one single buyer.

How did you finance this deal?

Bridge to Agency loan straight to the lender.

How did you add value to the deal?

True Value Add with Interior ungrades & exterior cosmetics. Rents are currently below market comps. We are upgrading units, taking care of deferred maintenance, cosmetic Exterior upgrades and amenity additions and improvements.