Value add 24 Unit in Michigan

[Tory Sheffer]

Investment Info:

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

24 Unit Multifamily. Value add property purchased with 14/24 occupied. Master Lease at closing provided full economic vacancy until remodel is completed.

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

Close to home. Unknown to the market property. Poorly ran and forgotten. Built in 1989. Rents significantly below market.

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

Mailer direct to seller.

How did you finance this deal?

Credit union + Private Investors

How did you add value to the deal?

Renovations to vacant units and bringing rents up to market rate.

What was the outcome?

In process. First renovated units completed are leasing for $400 over previous average lease rate.

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

Lenders: Lake Trust Credit Union - Brighton, MI
Legal: Honigman - Detroit