Investment Info:
Large multi-family (5+ units) other investment.
Purchase price: $6,500,000
Cash invested: $50,000
"de Anker" is a mixed use building in Downtown Holland Area. It consist of 27 apartments and 3,000 square feet of commercial space.
What made you interested in investing in this type of deal?
This was taking an under utilized area where no development was happening and the cost of the land was to sweet to pass up. The idea of taking a creative idea and building something from scratch with limited amount of capital and getting from nothing into a development that will spur on further development in the area and also more developments in the future was a risk and an opportunity worth taking.
How did you find this deal and how did you negotiate it?
This deal was made by looking at a current property which was a condemned house and analyzing the area developments, and communicating with the municipality finding out that they are friendly to this type of development.
How did you finance this deal?
This deal was financed by a commercial loan, and by finding other investors to partner with. Ultimately is was up to the investors to take the risk with me.
How did you add value to the deal?
We found unique ways that make the deal more appealing like a commercial space fo
What was the outcome?
Still in the process.
Lessons learned? Challenges?
Take a big risks and continue to be creative in the problem solving to get past hurdles.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
David Fenster- Architect,
