All Forum Posts by: Elijah Vo

@Itay Alterman No, actually this deal is already closed...I was just showcasing the basic stats/info on it. We used Sherridan Capital as the lender. 

Thanks Jordan...we can chat about it anytime!

Investment Info:

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

Purchase price: $13,400,000

Eaton Place situated near the Old Town Entertainment District is a Historic Building built in 1886. This property is situated in Downtown Wichita and is mixed-use with both multifamily 115 units and 30,000 sqft of storefront commercial.

We acquired the asset and will implement a value-add strategy to bring this historic vintage B class property up to a A class asset. Currently, the property has little to no deferred maintenance and is prime for renovation and a push to market rents!

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

This is a unique project with a strong value add component! Current ownership has renovated 25 unit interiors now averaging $350 premiums over in-place rents.

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

We found this deal through strong brokerage relationships. We were actually looking at a different, C-class asset in Wichita at the time and the broker recommended we look at this one.

How did you finance this deal?

3+1+1 Bridge debt

How did you add value to the deal?

We have identified an open niche in the local market reposition this beautiful asset to an A class and will take advantage of this property’s surprisingly good existing condition to add amenities, rehab interiors, and move this property to fulfill that void, thereby forcing appreciation and creating a strong return for investors.

Lessons learned? Challenges?

Navigating downtown Wichita's environmental issues.

Investment Info:

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

Purchase price: $13,400,000

Eaton Place situated near the Old Town Entertainment District is a Historic Building built in 1886. This property is situated right in Downtown Wichita, Kansas. What's even more exciting about this property is that it's Mixed-Use with both Multifamily 115 units and 30,000 sqft of storefront commercial.

What is truly unique about this gem is that the previous owner acquired the whole block, back in 1999 and has since infused over 19 Million to renovate, in doing so breathing new life into the history that is Eaton Place. The previous owner benefited from historic and housing tax credits in order to infuse that 19 million which was used to rehabilitate the entire property.

We acquired the asset and will implement a value-add strategy to bring this historic vintage B class property up to a A class asset. Currently, the property has little to no deferred maintenance and is prime for renovation and a push to market rents!

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

This is a unique project with a strong value add component! Current ownership has renovated 25 unit interiors now averaging $350 premiums over in-place rents.

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

We found this deal through strong brokerage relationships. We were actually looking at a different, C-class asset in Wichita at the time and the broker recommended we look at this one.

How did you finance this deal?

3+1+1 Bridge debt

How did you add value to the deal?

We have identified an open niche in the local market reposition this beautiful asset to an A class and will take advantage of this property’s surprisingly good existing condition to add amenities, rehab interiors, and move this property to fulfill that void, thereby forcing appreciation and creating a strong return for investors.

Lessons learned? Challenges?

Navigating downtown Wichita's environmental issues.

@Alicia Marks Ha, so crazy you mentioned me because Stewart and I have already met! 

Love OKC...we purchased a 200+ unit asset last year and are hunting down more. Couldn't be a better cash flowing market!

@Kathleen Licas Love the kiddos "why"! That's big for my wife and I too, but we want to leave our kids with the opportunity & knowledge to build they life that they want. We might leave them some startup funds, but they'll do well as long as they have the know-how and right mindset!

@Travis Watts Agreed on winners vs losers...just that hard lesson pushed me into what I'm doing now, which I enjoy. Not sure about the passive, but who knows; a lot can change over the years. Eventually, I think I'd like to hit a level where I can cherry pick 1 or 2 interesting projects a year to work on. 

@Sender Brickman This is a huge one...especially in this day and age! I shocks me how many people don't understand inflation or how money works and they don't invest in hard assets. 

@R.J. Lange Yup, I buy multifamily for long term income and invest in a friend's flips for short-term cash. Just started doing this, but so far it's a great strategy.

@Nathan Gesner Interesting...what's your charity?

@Justin R. This is an old post, but wow...that is a crazy story! Sorry to hear it happened to you, but I'll be sure to use your advice for wires. 

@Travis Watts Yes, this is something not too many talk about, but I was involved in a syndication that didn't go well too. This actually taught me to do my own deals, so that have more control (not total control) over the outcome. Lesson learned.