JV opportunity, apartment complex
Hi everyone,
I have a good joint-venture opportunity on a 24-unit apartment complex in northern California. We need a cash partner to seal the deal. Offering majority ownership in the project. We can do the rehab and the property management to lease it up after repairs.
The property is 87% vacant due to mismanagement and bankruptcy of the owner. Repairs are all cosmetic in nature. The property is under control of a BK court receiver
Purchase price: $900K
Repair estimate: $130K
Holding costs during repair & lease-up: $60K
ARV, based on market occupancy NOI: about $1.7 million
Property is under contract and we need cash to close.
Anyone with interest, please contact me ASAP.
Thank you!
- Ken Garnett