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 ?


Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Get the Ultimate Beginner's Guide

Sign up today to receive the popular eBook for free!