Syndicator of Large Apartment Buildings · Glen Mills, PA · Member since 2009 · 1k+ posts · 1k+ votes
I am best and final on a very large deal and have a good shot at taking a 600 unit deal down via a syndication.
Background - I have bought and sold over 1000+ units and taken deals from LOI to close on several 200 to 300 unit deals before.
The number of units on this one deal though is triple what I am used too.
My guess is it will be the same process as my other syndications, but for those experienced operators who have closed 600 units in one deal, just want to know if there is anything else I need to know about.
I so appreciate this BP community and the knowledge share that goes on.
Developer · Houston, TX · Member since 2015 · 1k+ posts · 1k+ votes
9y
Will Crozier was a guest on the Old Capital Lending podcasts and he has done some 500-600 unit apartments. Because of the volume of stuff he had to buy for these large complexes, he ended up starting an import business where he imports flooring and fixtures, etc, from China. I guess my point is that anything you can cut price on will be exponential since you're dealing with so many units. Sorry but nothing to help you get past best and finals but if you get the deal this is something to consider.
Poughkeepsie, NY · Member since 2014 · 37 posts · 6 votes
9y
@Brian Adams that's great! Im new to this world and trying to soak up all the knowledge from people like you.
Can you help explain how the appraised camelback so much higher than the purchase price? I guess what I'm trying to understand is how can the seller have priced it so low?
Again, apologize if this is fairly obvious to everyone else here. Like I said, I'm new and trying to understand the process here. Thanks in advance and good luck with this deal!