Closed on 296 Unit Apartment Building in Newport News, VA

[Jesse Daconta]

Investment Info:

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

Purchase price: $13,700,000
Cash invested: $3,100,000

296 unit apartment complex (Autumn Lakes Apartments):
3/1: 28 units (1,100 sf)
2/1: 216 units (925 sf)
1/1: 52 units (750 sf)

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

The previous owner was only spending ~$50/month on advertising for 296 units. The rents were far below market rent. Apartment complex is less than 3 miles from the airport, and less than 5 miles from Costco, Target, etc...

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

We found it off market.

How did you finance this deal?

Seller financing and we raised the equity portion from private investors.