Portfolio of 4 Apartment Buildings in Johnson City, TN

[Dean OMalley]

Investment Info:

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

Purchase price: $3,600,000
Cash invested: $720,000

Four apartment buildings in Johnson City, Tennessee...
- 10 units
- 12 units
- 18 units
- 20 units

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

My business partners and I were looking for a good multi-family property outside California, where we live, to generate good cash flow from a reasonable purchase price and strong rents.

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

Found it with the help of our broker, Paul Kenworthy, who is also one of the part owners of the property.

How did you finance this deal?

Commercial loan from Eastman Credit Union in Johnson City.

How did you add value to the deal?

With the help of our local property manager, D&K Properties, we've done a number of small value-add projects and capital improvement projects, such as new roofs, new HVAC, new fencing, signage, etc.

[Greg Larson]

Hey @Dean OMalley, congrats on this deal!  Out of curiosity, what type of return did you see in the first 12 months?