Four Seasons Apartments, Columbia, SC

[Brian Briscoe]

Investment Info:

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

Purchase price: $768,000
Cash invested: $400,000

Value add, maybe a little hair on it. Bought at $23k per unit in a market where C-class is selling for $45-50k per unit -- 68% occupied at purchase. Will invest $10k per unit, fill it up, and make some money.

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

Multifamily is a relatively stable asset class that still delivers high returns.

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

Broker showed it to us... Not much to the negotiation piece here, just put an offer in, seller countered, we signed.

How did you finance this deal?

Bank loan... regular old bank loan.

How did you add value to the deal?

Added central air; resealed asphalt; repaired and painted siding; installed new flooring, cabinets, and counters.

What was the outcome?

Work in progress...

[Yannik Cudjoe-Virgil]

@Brian Briscoe My Guy! Nice !