57 unit syndication deal in El Paso, TX

[Duc Ong]

Investment Info:

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

Purchase price: $2,500,000

Contributors:
Vince Gethings

57 unit syndication deal in El Paso, TX

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

It fits our criteria of 50+ unit value add.

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

It was through a broker relationship. We negotiated for a $20K seller credit for various issues that we found during the inspection. The seller recently completed several large cap ex items, like the roofs, parking lot, and windows.

How did you finance this deal?

Community bank

How did you add value to the deal?

Raise rents to market, RUBS, pet fees, build additional storage units, improved marketing and rebranding.

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

Zach Karam at Jaxon Texas