Garden Style Value-Add Multi-Family Apartment Exited

[Steven Gesis]

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