Today, We did something we have never done before. We closed on two significant upside Value Add Apartments deals totaling ~370 units. We went under contract on the same day, worked with two different broker firms, property located in two different cities, worked with two different sellers and closed on the same day.
1st Deal - 126 Units in Austin (Yay! Finally in our backyard !). We got 80% LTV Agency loan on this deal. Both Lenders and Brokers said.....That's a great deal especially deals in Austin has been getting 67% to 70% LTV. We closed two weeks earlier than what's contract closing date. We got the deal 2 days before the big Apple announcement.
2nd Deal - 240 Units in San Antonio. This property had the same owner for the past 24 years!!. Imagine the upside !. All kind of craziness in terms of repairs, names on the title, large paper survey, and weird deferred maintenance popped up before closing. One of the most complex closings that we need to encounter. We got 75% LTV Agency loan and closed 4 weeks earlier than contracts closing date.
We thank our investors who believed in us. We had a lot of interest from new investors, relatives and many other referrals who came in after the fact that could not get into these deals. If you know anyone who may be interested in investing with us, please get them to send me an email at [email protected]. We need to build a relationship prior to next deal as we usually do SEC 506 (B) offerings.
Note: We are vertically integrated Multifamily Apartment operators who raise money from passive private high net worth investors to buy multifamily apartments and deliver above average investment returns with tax shelter.
