Large multi-family (5+ units) buy & hold investment in Louisville.
Deal hasn't closed yet. It should close by month's end.
What made you interested in investing in this type of deal?
Decent cap rate. It should be easy to manage with solid local managers. Strategic value for me.
How did you find this deal and how did you negotiate it?
Doing research in multiple websites.
How did you finance this deal?
Non-recourse private-portfolio lender
How did you add value to the deal?
Turn key project. Little VA.
Lessons learned? Challenges?
For deals this size, they MUST comply with agency restrictions or you have to go through banks.
What part of Louisville? How many units?
anywhwre in the Louisville MSA
My partners and I are looking to invest into a Multifamily asset in Louisville, KY too.
Looking for 10-50 units in Louisville. No War zones. Value add properties. Any active commercial brokers in Louisville I should reach out to?
There are non-bank lenders that could do a 30 yr fixed against a 5-10 unit residential property. Rates will be in the 5.875% - 6.875% range for the most part. You can get a loan to your entity (and may be required to give a personal guaranty).
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