All Forum Posts by: Geoff Stuhr

First true apartment complex that I bought was a 34-unit (mixed use property actually, 32 apartments and two retail storefronts) in an emerging market. The rents were all under market by about $150-$200/month. The property had a TON of deferred maintenance and we (this was a JV between me and two partners, not a syndication) basically took all cashflow from year 1 to renovate each unit and take care of all of the deferred maintenance. The property has been a beast ever since, probably added around $600k-$1M in value.

My second apartment complex was another story though...... However we got out of that one still making some money, but the thought that we could just rinse and repeat our first deal on the second one was naive as the area is just different, and much more challenging. The moral of the story is that location really matters! 

Best of luck - happy to connect if I can help. Cleveland is very similar to Milwaukee too, solid linear market!

Fantastic example of grit, determination, and courage... Way to go!!!

Depends on the property. We have a large multifamily apartment building in an area that attracts the "ladies of the night" and let's just say it hasn't gone so well... However, in my personal opinion, if it's a high end strip club and all of her info checks out - I can't say I'd be against it. I'd just want to go check out her work and verify for myself... Kidding also :)

Give her a shot!

Hi Hayden - my partner and I syndicate deals in the Milwaukee area. I don't live in Milwaukee currently but @Brock Mogensen does and he'd grab lunch with you, or we can all set up a Zoom call. Feel free to shoot me a DM.

All the best,

Geoff

Hi BP Nation,

I am going to be in Newport Beach for the Family Office Club real estate investor summit on Monday, June 6th and wanted to try to set up meetings either before, during or after the event. I find that when I attend conferences, it's helpful to setup lunch or coffee meetings in advance of the event to maximize time and efficiency. 

Would love to meet up at the event to network! Shoot me a DM if you're planning to be there.

All the best,

Geoff

@Christophe Keenan Thursday 5/19 at 6pm PST!! Its at 2450 Oddie Blvd Sparks, Nevada 89431. Let me know if you can make it!

 @Brandon Plombon - it really depends on what the existing tenant wants to do. We intend to build a strong relationship with them, they have a 3 year NNN lease with options to renew for two additional 3-year terms. We are trying to understand if they will want to downsize or not renew, in which case we would try to find a new tenant at least for the other side at market rent. The deal was bought right where we our investors are getting 10% cash-on-cash return from day 1. If the tenant moves out and we get someone in there for over $5/ft the returns are going to go through the roof! It's dicey but I do feel really good about occupancy levels in this market for this type of product (north of 98%). Thanks for commenting!

@Anthony Johnson - thank you! There is potential to subdivide the property into 2 units. This could be a very solid play for us if the current tenant wants to downsize.

Investment Info:

Industrial industrial investment investment in West Allis.

83,000 sq ft
Flex Industrial
Sale-leaseback

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

High yield

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

Off-market through broker relationship

How did you finance this deal?

Local bank

How did you add value to the deal?

Bought with below market rent in a market that has over 98% occupancy. It's currently leased at $3.95/ft when the market is between $5.50-$6/ft

Come join us for our first ever CRE Capital Club of Northern Nevada monthly meetup! This will be an exciting event to learn and to network with others that are involved in the commercial real estate industry in Northern NV. Whether you're interested in investment opportunities, or building out your network, or just staying informed on the electrifying growth throughout the Reno-Sparks area - this will be a great event to attend!

Our first guest speaker is none other than Doug Wiele, President and Founder of Foothill Partners. Doug and Foothill Partners are very active in the real estate market in the Reno area, and he will be providing an overview of their company and the various projects they are working on at the moment.

The other exciting part is that this event is being held at The Oddie District. A new and re-envisioned district through transforming a former Lowes department store in the Reno-Sparks area. There is even a Disney+ show being created about the space!

Drinks and refreshments will be provided!