Today, Two Bridges Asset Management LLC signed a deal to purchase another 116 units in Spartanburg, South Carolina -- a beautiful B property. Together with the 54-unit deal we're working on now, we'll close 170 units between now and the end of January.
Our goal for the year was 300 units. With a little grace time, we'll hit 404!
Congratulations, Jonathan. That is a great accomplishment!
Congrats on your deal. Great to see another person from the 5 boros here on BP. Would you mind giving details on the deal (costs, and potential cash flow)? Hey, hopefully one day I can get to your mountain top.
where in spartanburg? That's my neck of the woods.
@Justin Meier I'd prefer not to identify the property until we close, but stay in touch and I will let you know. :)
@Donald Joshua Even down south, cash-flowing deals are seeing some cap rate compression, but we were still about to buy this deal on a pro forma 7.5% cap rate. Now comes the equity raise stage . . .
@Douglas Dowell Thanks, Doug!
Let me be devil's advocate .
I am new to MF but i was taught that buying on a pro forma and even at 7.5% cap rate is not a good deal. However i may be wrong and a "good deal" can mean differently based on each investor investment criteria.
I was taught to buy on actual market value as pro forma is predicting the future.
Do you think you're buying in a rush to meet your goals by landing an OK yield play deals ?
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