35 Unit Apartment Syndication
Investment Info:
Large multi-family (5+ units) buy & hold investment in Knoxville.
Purchase price: $2,000,000
Cash invested: $700,000
35 unit apartment complex in North Knoxville. We will be raising rents to market value and improving the units to a more modern look.
What made you interested in investing in this type of deal?
Wanted to go into larger multifamily properties through syndication.
How did you find this deal and how did you negotiate it?
Found from the broker that listed it. Negotiated it by having a strong offer to set us apart.
How did you finance this deal?
Traditional bank financing. 25% down
How did you add value to the deal?
About to start! We will be raising rents to market value and improving the units.
Lessons learned? Challenges?
Start earlier than you think. The time under contract goes fast and certain things take longer than expected such as surveys and appraisals. Also, make sure to have professionals ready to assist such as attorneys who specialize in these type of deals.