Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Multi-Family and Apartment Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 9 years ago on . Most recent reply

User Stats

838
Posts
212
Votes
John Cohen
  • Rental Property Investor
  • Mineola, NY
212
Votes |
838
Posts

138 Unit Syndication - The Story

John Cohen
  • Rental Property Investor
  • Mineola, NY
Posted

Hello BP!!

Just wanted to shoot out an update to the BP community. I signed contracts on another syndication yesterday. It is a 138 unit in Wilmington, NC. 1984 construction well maintained property with a nice value add component.

The property is currently being owned by 2 brothers, who have a construction background and have a in-house manager. The buildings went through a exterior update (new roofs and windows) in 2007. The owners live about 4 hours away, so what was more important to them was long-term paying tenants, so the rents are below market and the property has no amenities. 

The Plan:

1) Add washer/dry to the remaining 69 units. (Cost - $2,500/unit)

2) Add an extensive amenity package. (New pool house gym, fire pit and out door BBQ area, beach volleyball court, adding a pet park, clubhouse,  and upgrade of pool area and leasing office.)

3) They have 2 model units, I will only have 1 model unit.

4) Professional Management

Plan on increasing rents to market and holding 7-10 years. 

The location of the property is across the street from University of North Carolina Wilmington (UNCW),  4 miles to Wrightsville Beach and 6 miles from Downtown Wilmington. 

Any questions let me know.

  • John Cohen
  • Most Popular Reply

    User Stats

    1,111
    Posts
    1,109
    Votes
    Nick B.
    • Investor
    • North Richland Hills, TX
    1,109
    Votes |
    1,111
    Posts
    Nick B.
    • Investor
    • North Richland Hills, TX
    Replied
    Originally posted by @John Cohen:

    Right now the property is 91% occupied. The rents are on average $50-100 below market. Some long term tenants who have been there for awhile are even lower There are some tenants that are paying 400-500 on a 1 bedroom when the market can support $750 easily.

     Makes sense. Thank you

    Loading replies...