Looking for long term preferred equity partner(s)

[Robert Johnson]

Hello,

I’m looking for one or more preferred equity partners to raise capital for the down payment, to purchase an 84 unit multifamily apartment complex. I’m looking to purchase this property for $15,673,997. See underwriting image below. Serious inquiries only. Not looking for hard money lender, but rather joint venture partners.

This property was foreclosed on by current mortgage holder because the former owner stopped paying. This property was one of 7 properties in a portfolio.

I’m looking to purchase. This property has serious upside potential once again. There are many things that need to be done to get this property back on top again.

- Just a few short years ago there was a waiting list to move in here. There can be again.

- Property is currently under performing. Capacity currently is about 60% to 70%.

- Each apartment is about 80-90% renovated, so just a few things inside that should be done soon

- 6 buildings and each will need a new roof in the next year or two. 

- there is room on the property to build another building with approximately 16 more rental units that that would increase the NOI per year by $380,000

- property is located very close to water access on the Santa Rosa sound in Okaloosa County Florida

I'm looking to move quickly on this purchase if at all possible. I live here on site and will be a hands on owner/operator.

Cash required for down payment: $4,878,415

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