66 unit acquisition and turn

[Steven Libman]

Investment Info:

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

Purchase price: $2,244,000
Cash invested: $800,000

Integrity Holdings Group is pleased to present Shiloh Crossings
located in Columbus, Ohio. Columbus is the only midwest city in the list of 15 fastest growing cities in the
country, and is now larger than San Francisco with continued economic and population growth. Cambridge
Apartments is a 66-unit complex developed in 1967, and includes a mix of 52 one-bedroom apartments and
14 two-bedroom apartments. Integrity Holdings Group contracted the property at 73% of asking price.

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

purchased at 33k a door, 73% of asking price. Tenant and unit turn needed to achieve market rents, current rents were 30% below where market value is.

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

Local broker

How did you finance this deal?

Bridge to perm loan. 2 year IO.

How did you add value to the deal?

turning tenant base, all interior units, all common areas, sealing and striping the parking lot, redoing the roof/some windows and fascia issues.

What was the outcome?

still in the process of turning the project, but are achieving proforma rents on turned units

Lessons learned? Challenges?

tenant base was worse than we expected. high levels of drug use and security issues ate into the inital capex budget