Just Sold Our 94 Unit !
Investment Info:
Large multi-family (5+ units) commercial investment investment.
SOLD!!! 🏢🏢🏢🔥🔥🔥
Excited to announce the sale of Norbrook Arms two weeks ago. A 94-unit property we held in Louisville, KY. This syndication was a huge win for our team.
Some of the highlights for this property.
👉Originally acquired this asset at the lowest price per unit in the submarket in the last three years.
👉Renovated over 60 units.
👉Implemented a water savings program reducing our water bill by close to 30%.
👉Added additional income drivers including a laundry and cable contract, pet fees, application fees, a move in fee and storage unit income.
👉Curbed expenses by eliminating an additional maintenance person, replacing two boilers and better training for tenant practices.
👉Installed a rent raise strategy that allowed us to raise rents over $100 per door while keeping occupancy above 95%.
👉Completing all of our 12-month repairs in 5 months.
👉We made this complex a better place to live for the tenant base
Our sale of this asset was three years ahead of our original business plan as we were able to accomplish our goals in a significantly quick timeline.
What made you interested in investing in this type of deal?
This was a great deal. We were able to secure this off-market three years ago and the property had substantial upside.
Below market rents.
Ability to capture a number of other income drivers.
Additional contracts to produce other revenue streams.
High expenses.
Inefficient current management.
We were able to reposition this asset quickly and efficiently and make this a great place for people to live.
