Garden Style Value-Add Multi-Family Apartment Exited
Investment Info:
Large multi-family (5+ units) commercial investment investment in Cleveland.
Purchase price: $155,000
Cash invested: $240,000
Sale price: $703,000
Contributors:
Matthew Fritz
16 Unit Garden Style Apartment Complex, Single Unit Type 2 Bedroom/ 1 Bath with Garden Style Entry and Egress. Fully Renovated Interior, New Roof, New Driveway Paving & Striping.
What made you interested in investing in this type of deal?
The property was condemned but had great potential
How did you find this deal and how did you negotiate it?
On-Market Deal
How did you finance this deal?
We used Cash no financing in this deal
How did you add value to the deal?
The building was in such poor condition and not habitable os by remodeling and bringing it up to today's standard
What was the outcome?
We had a fast lease-up since everything was new and a successful exit at stabilization
Lessons learned? Challenges?
Hi Demand for Garden Style - being close to highway access and modernized units helped capture max market rent
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
The internal team at Smartland: Acquisition, Renovation/Construction, Manahemnewgemt and Marketing
