Multifamily Investments 100+ Units

[John Paniagua]

Investment Info:

Large multi-family (5+ units) buy & hold investment in Chesapeake.

Purchase price: $9,250,000
Cash invested: $2,800,000

104 multifamily units, 13 buildings
26 unit: 1 bed 1 bath units, 750 sqft
10 unit: 1 bed 1 bath den units, 850 sqft
48 unit: 2 bed 1 bath units, 950 sqft
4 unit: 2 bed 1 bath den units, 1040 sqft
16 unit: 3 bed 1-and-half bath 1140 sqft

[John Paniagua]

Hi Chris!

Plan is to fix up several units to raise their rents. Current plan is to refi in 3 years and then return 50% capital to investors. Then keep the asset for several until market conditions ensure selling the asset at a solid profit return. Looking for deals in the VA and NC areas along with GA (southeastern US). NY area is off-the-charts in terms of trying to attain decent returns. That's why we have been looking in the aforementioned areas. How's Raleigh now? Any impacts from Covid-19?

Best Regards!