First 100 Hundred+ unit complex!

[Jay Patel]

Investment Info:

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

Purchase price: $7,250,000
Cash invested: $1,750,000

104 unit in an area where not many units were coming online, 25% owner.

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

Purchased ~16 units previously and saw the benefits of scale

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

Brought to us by a local commercial broker

How did you finance this deal?

Local bank financing, and a portion of which was seller financing.

How did you add value to the deal?

Purchased into a proven premium plan, with about 25% of units being upgraded at purchase, we have upgraded ~60% at this time, collecting premiums in the process. Unit upgrade renovation plan in-place on unit turnover, fueled by property cash flows, slow burn but didn't have extra capital to make this a fast process. But the increases in value allowed us to reinvest into more properties and continue the slow burn renovation process.

What was the outcome?

Refinanced property 3x in order to reinvest into more units, allowing the purchase of 3 other properties.

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

Local broker, was a pocket listing of a landlord liquidating his holdings for retirement.