Just closed on a 225 unit property in Amarillo, TX

7 Replies

Investment Info:

Large multi-family (5+ units) commercial investment investment in Amarillo.

Contributors:
@Jeff Greenberg

Proven recession-resistant city Amarillo, TX is the home of our next acquisition. This property features 225 units and is a value-add property in the path of progress. We are very excited about the future of this property!

What made you interested in investing in this type of deal?

Really liked the market, the team, and the deal!

How did you find this deal and how did you negotiate it?

Synergetic Investment Group found the deal, and we decided to partner with them!

How did you finance this deal?

The debt was covered through a bridge loan, equity was raised via private investors.

How did you add value to the deal?

We are upgrading interior units, exterior amenities and added a terrific property management team.

What was the outcome?

Just purchased...stay tuned!

Lessons learned? Challenges?

Just starting...stay tuned!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

MLDC Property Management is incredible and already making huge strides in only two weeks!

Originally posted by @Ashley Wilson :

@Zane O. - The Enclave

@Scott R. - yes it is:)

@Joshua Braskett - thank you!

@Charles Brooks - thank you, I will send you a pm!

*Sorry to everyone for the delay.  I only received a notification that someone commented when Charles posted!

 Hi Ashley, Could you provide an update to how this investment is coming along. Thank you

@Andrey 

@Andrey Y. Thank you for asking. Obviously with COVID every property is facing uncertain times when it comes to collections.  Our initial plan was to do a value-add strategy over three years and refi in Y4.  A few factors changed our minds when we got into the property and we executed the plan in ~1 year.  This positioned us very well for having a solid tenant base to pay through the challenging times we have faced since March.  Specifically, we have a collected vs. billed month-over-month average of 99.4% collected.  I am very proud of how our team has worked very tirelessly in preparing us for this unknown.  We were very fortunate to have continued to build the occupancy as well, and are now at market stabilization.  However, we believe we can operate a few percentage points above normal market occupancy rates. Thank you again for your interest!

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