Closed 128 Units in Knoxville, TN @ 69k per door!

[Gino Barbaro]

Late Friday we closed 128 units in Knoxville, TN. 

Deal Summary:-2005 Build-$69k per door-

Majority 2 beds with some 1’s&3’s-. Average rents are $700, and are going to go to $1,200. We own the property next door!

$450k seller financing- We used a Community Bank and got an 80% Loan to Cost loan.

Going to refinance when rates drop. 

$80k + median income

The deal appraised for just under $16,000,000!

[Gino Barbaro]

@Steven Foster Wilson

The owner walked into our office and said he wanted to sell. We own the property next door to him, and he heard that we are pretty easy to work with.

From what I heard, a broker approached him to sell, and asked for a big commission. He had a number in his head, and we stuck it.

You live in a great market, but the way.

All the best

Gino