Investment Info:
Large multi-family (5+ units) buy & hold investment.
CLOSED: Welcome to Golfview 100 Unit Apartments!
The story: I freaking love this deal. The group we purchased from came in and did a beautiful high end renovation on all 100 units. But, the deal has been struggling from an operations perspective. The value add on this deal is in the MANAGEMENT and OPERATIONS. We will come in and implement our proven management blueprint to increase the NOI.
Operations = EVERYTHING!
The debt: 7.10% rate FIXED for 10 years, 2 years interest only, 25 year AM.
Thank you to all of our TEAM at The Stephan Group who will be involved to make this deal a HOME RUN play.
Thank you to @apartmentrockstar for challenging me 1 year ago to take our skillset and proven track record on small multifamily and go bigger! My next deal after that was 56 units privately owned by my wife and I, and now we closed a 100 unit.
Thank you to our investors on this deal. This is the FIRST time we've ever brought in outside capital on a deal. We decided to contact a few key people who expressed interest in the past to potentially invest on this deal with us. I was humbled that within a few hours, it was fully funded! We're excited to provide an amazing ROI for them and share the wealth building benefits of Multifamily!
And most importantly thank you to my wife and partner Andrea. I wouldn’t trade what we’re building here for anything in the world!
The plan is to come in and improve the NOI over the next 12-24 months then implement a strategic cash out refinance and move to long term permanent agency debt.
You can hire our team at The Stephan Group to implement our proven blueprint of how we’ve built from 0 - 220+ units in 4 years. Whether it’s a single family home, or a small multifamily, we can help you get into cash flow producing real estate in Michigan.
What made you interested in investing in this type of deal?
100 units with value add potential from operations.
How did you find this deal and how did you negotiate it?
Off market through a relationship with the broker who sold me my 56 unit off market.
How did you finance this deal?
Local credit union financing.
Lessons learned? Challenges?
Challenges were we bought from a large institutional group so definitely was fiercer negotiations than past deals! But I was able to create a win win for all parties and close the deal.
