The Parks@1220 in Pryor, Ok

[Rodney Miller]

Investment Info:

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

Purchase price: $4,200,000
Cash invested: $1,200,000

The Parks@1220 is a 100 unit garden-style apartment complex located 30 minutes east of Tulsa, Ok in the town of Pryor. Trident purchased this property named Prairie Village, in March of 2019. Our plan was mostly a yield play and required very little CAPEX. Overall this has been a home run for our investors in both cash flow and overall investment returns.

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

Scale. I got tired of chasing down SFH deals.

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

We bought this off of an investor from Utah which turned out to be Mitt Romney's son. We sourced this deal through a commercial broker. We were 2nd in line in terms of offers. The original offer fell through and we were awarded the deal.

How did you finance this deal?

The property was 100% occupied when we purchased it thus we were able to get agency debt via Freddie Mac.

How did you add value to the deal?

This was a very low CAPEX project. We were able to make minor improvements, increase efficiencies, and raise the rents to achieve our proforma numbers.

What was the outcome?

We are exceeding our proforma numbers and are at 98% leased.

Lessons learned? Challenges?

There are always buried bodies in every deal. Expect supprises after you close.