Yesterday, we closed on a 192-unit value add property in San Antonio. It took over four months to close and lots of long nights and preparation, but we're thrilled to have this asset as part of our portfolio. As always, we learned some valuable lessons along the way, which you can read about here.
This represents the second deal we've done this year, and I hope an encouragement for aspiring investors and syndicators. Fire away with questions if you have them!
@Andrew Campbell great job.
Are you the sole operator/sponsor of the deal?
What was your biggest challenge in getting the asset closed?
Sounds like one hell of an experience, its really cool that your brother is your partner on this. I would be so stoked to do deals with mine.
Congrats would love to hear the numbers and details of the deal if you don't mind sharing!
Thanks @Brian Adams . Yes, I was the main co-sponsor with my partner. The biggest challenge was a last minute survey easement title sprung on us 2 days before the original close date, and figuring out who actually needed to sign the amendment. The deal and property itself was very clean.
Congratulations @Andrew Campbell , that's awesome! I'm assuming you brought on limited partners? Did you work the funding side yourself or have another partner that raised equity while you and your partner focused on the deal itslef?
@Michael Bishop --thanks!
Yes, we had limited partners to fund the equity and our CapEx improvement plan. My partner and I both worked our networks for the funding. I touched on it a bit in the article I wrote, but we had several equity groups that pledged money and didn't perform. We raised nearly $6.5mm from private sources.
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