Investment Info:
Large multi-family (5+ units) buy & hold investment.
Purchase price: $24,000,000
Acquired this property with potential. 621 bed student housing across the street from Cal Poly San Luis Obispo.
What made you interested in investing in this type of deal?
Dripping with upside. Direct deal, off market.
How did you find this deal and how did you negotiate it?
I'm Senior VP of Investment Acquisitions at Compass Acquisition Partners. Responsible for sourcing, financial analysis, due diligence and acquisitions of multifamily assets across the United States for a portfolio of 5,200 apartment units. I found this deal through good old fashioned cold calling and prospecting.
How did you finance this deal?
Agency debt.
How did you add value to the deal?
Complete rehab and rebrand.
What was the outcome?
Doubled the value, stands at a near 27% unlevered IRR. 36% levered over 5 years.
Lessons learned? Challenges?
Just putting in work.
