Two Bridges in Deal for 116 More Units

6 Replies

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!

Hi Jonathan,

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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