All Forum Posts by: Peter Mitchell

We own 191 residential rental properties in Ridgecrest, CA. The homes are all located in one community called La Mirage. The La Mirage community consists of 300 total properties spread out across 55 acres. There are three different floor plans, including: 2-bedrooms and 1-bath, 3-bedrooms and 1-bath and 4-bedrooms and 2 baths. The properties include laundry hook-ups, individual garage parking, storage areas, and individual evaporative coolers. The community includes a clubhouse, leasing office and recreation area. Every property shares one adjoining wall with another property so they appear much like duplexes, but are each individually owned and are classified as PUDs.

With the majority of properties owned by our firm (we currently own 191 of the 300 properties), we have control and voting rights of the HOA board. The HOA was defunct when we acquired our units, however, we have re-established the HOA and begun selling properties to individual buyers through seller financing in order to get the comps back to levels that existed prior to the HOA going defunct. We have sold 7 properties between $80,000 and $90,000 and have another under contract at $79,900. These sales all included seller financing.

The properties are around 70% leased/occupied and the property operates at a break-even at that level currently. We are not local to the project and are not experienced property managers which is what this project needs. There is plenty of operational upside.

We are looking to sell all 191 properties that we own in a single transaction in the $40K range per property.

We are the owners so if you have specific questions on this opportunity or interest, please contact me directly.

Kristine - Info sent

Tiger - Where do you want the info sent. Please provide email.

Details just sent. Thanks Steve.

Phillip - Thanks for reaching out. I sent you an email as well but to update the BP community, this property is in escrow. I will post once it officially closes.

Encantada Apartments is a 156 unit, three-story multifamily property located in Las Vegas' Eastside submarket. The property was built in 1986. The 156 units consist of three floor plans: 36 one-bedroom/one-bath (670 sq ft), 96 two-bedroom/two-bath (912 sq ft), 24 three-bedroom/two-bath (1,100 sq ft). The property is considered Class C in quality and location. The overall condition of the building is average. We have put over $300K into the property for repairs, unit turns, etc. Property sits on 2.95 acres and has 185 open parking spaces. Property is 55% occupied.

Contact me if interested.

Thanks Lloyd. Info sent.

Are there any groups or investors on BP looking to acquire an existing rental portfolio?

My firm owns 191 residential properties in Ridgecrest, CA. The homes are all located in one community. The community consists of 300 properties spread out across 55 acres. There are three different floor plans, including: 2-bedrooms and 1-bath, 3-bedrooms and 1-bath and 4-bedrooms and 2 baths. The properties include laundry hook-ups, individual garage parking, storage areas, and individual evaporative coolers. The community includes a clubhouse, leasing office and recreation area. Every property shares one adjoining wall with another property so they appear much like duplexes, but are each individually owned. We own 191 of the 300 properties in the community and they are approx. 70% occupied.

Send me an email if interested in learning more.

Any Texas MFR buyers out there?

We own 304 units of value-add multifamily located in the strategic heart of Euless, TX. The Concord (196 Units) and The Terrace (108 Units) are adjacent but separate multifamily projects with frontage on both Industrial Blvd and Euless Blvd and less the 500 yards from HWY 183.

There remains operational upside with both properties as well as the long term strategic development play from having more than 13 Acres with great access and visibility and only five minutes from DFW International Airport.

Contact me if interested.

Marcus,

I would like to sell all 150 properties to one individual / group. As Mr Investor stated, $4,400/door means that I am selling each property for $4,400. I may eventually need to break the package up and sell individually, however, I am not wanting to do that as it requires more time and effort on my end.

If I end up not selling this specific package in its entirety, I will contact you with the property detail for just the CA. Please note, the $4,400/door is discounted for a bulk trade. If I need to sell the assets individually pricing will vary.