64 unit in Johnson City, TN

[Duc Ong]

Investment Info:

Large multi-family (5+ units) commercial investment investment.

Purchase price: $4,000,000
Cash invested: $49,000

LIHTC to market plan

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

The biggest upside to this deal is our plan to exit the Low Income Housing Tax Credit program. If successful, that should produce a sizable increase in value, since market value properties are worth significantly more.

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

Park Place came through a direct to seller connection from our outbound marketing, for a purchase price of $4M. We were able to secure a $250,000 seller credit to help with the renovation budget.

How did you finance this deal?

Bridge debt

How did you add value to the deal?

We are partnering with Greenbrier Property Management to implement our business plan, which includes curb appeal improvements along with driving NOI growth through decreasing expenses and increasing revenue.

[Dmitriy Fomichenko]

Nice! Thanks for sharing @Duc Ong !