Investment Info:
Large multi-family (5+ units) fix & flip investment.
Purchase price: $750,000
Cash invested: $400,000
Sale price: $1,705,000
Purchased 8 unit townhouse style apartment complex in SE suburb of Portland OR in 2017. Did complete renovation including new roofs, plumbing, siding, and interior.
Below is the description from the marketing flyer;
"The Bellevue Townhomes features eight fully renovated units in the heart of Gladstone, Oregon. The property offers two and three-bedroom floor plans between 900-1,000 square feet. Each unit has a full bathroom upstairs and a guest bathroom on the first floor.
Completely renovated in 2018, these modern units feature beautiful luxury vinyl plank flooring, all new interior doors and fixtures, new cabinets with a soft-close feature, Whirlpool brand stainless-steel kitchen suite and granite countertops throughout. Thoughtful touches were employed throughout inclusive of upgraded paneled doors on all rooms and closets, brushed nickel fixtures, and fresh white baseboard molding and casements. Located in charming Gladstone, Oregon, a suburb of Portland. The Bellevue Townhomes represent an opportunity to acquire a truly turnkey asset positioned to attract and maintain highly desirable tenants."
What made you interested in investing in this type of deal?
The ability to get an offmarket, underperforming asset so we could fix and force appreciation through higher rents.
How did you find this deal and how did you negotiate it?
Off market with a local apartment broker.
How did you finance this deal?
Local community bank
How did you add value to the deal?
Total renovation including new roofs, siding, and plumbing. Completely gutted and remodeled all interiors to high end flooring, cabinets, and countertops.
What was the outcome?
Sold property for $1,705,000.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes, I would highly recommend Pioneer Trust Bank based out of Salem, OR. They provided purchase and construction financing at a good LTV.
