Value Add Ferndale 28

[Tory Sheffer]

Investment Info:

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

Value add 28 Units. Split site with two 10 unit + an 8 unit property. All located within a block or two of each other.

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

Excellent gentrifying location. Legacy deal. First time sold since original development in 1960-1970.

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

Mailer. Direct to seller after initial broker introduction.

How did you finance this deal?

Private Investors and small bank.

How did you add value to the deal?

Upgrade interiors to market style. Market rates with renovated units

What was the outcome?

In process. Achieving $500-$600 lease increases.

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

Legal: Honigman