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Updated over 4 years ago on . Most recent reply

User Stats

88
Posts
155
Votes
Ashton Levarek
  • Rental Property Investor
  • Beaverton, OR
155
Votes |
88
Posts

84 Units Closed - Exponential Growth during a pandemic.

Ashton Levarek
  • Rental Property Investor
  • Beaverton, OR
Posted

Investment Info:

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

Purchase price: $3,175,000
Cash invested: $1,314,076

Contributors:
Joseph Druther, Chris Levarek

National Road apartments is an 84 unit Apartment complex located in Columbus, OH. We were able to purchase this by networking and partnering with other professionals focused on creating passive income and tax free wealth.

The business plan for this one is buy and hold, with a value add play (rehab followed by increased rents) and expense reduction via a RUBS program, which will allow us to refinance in year 3 and sell in year 5.

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

The market location, potential value add of the property, and the projected cashflow as well as opportunity to sell at a higher price after a 5 year hold.

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

Networking our butts off, being honest and open about our values, goals, and adding value to everyone we could.

How did you finance this deal?

Pooled capital with friends and family using a 506B offering.

How did you add value to the deal?

Over the next 1-2 years we will improve each unit, rehabbing and lowing expenses, as well as adding professional property management to ensure we are providing affordable housing to the right tenants.

What was the outcome?

Still ongoing. 3 more years until the refi. Ask me in 3 years!

Lessons learned? Challenges?

With Clarity, Commitment and action - daily, anything is achievable.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Lighthouse Management Solutions - Kim Brugerman

Most Popular Reply

User Stats

1,503
Posts
1,159
Votes
Nate Sanow
  • I​nvestor & Agent
  • Tulsa, OK
1,159
Votes |
1,503
Posts
Nate Sanow
  • I​nvestor & Agent
  • Tulsa, OK
Replied

@Ashton Levarek

Nicely done

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