Other commercial investment investment.
Purchase price: $8,200,000
Cash invested: $2,000,000
Town Square on Broadway Salem Oregon. Mixed-use, 21 apartments, with ground-floor retail, movie theatre, food, dojo.
What made you interested in investing in this type of deal?
Under market rents. Located in an area that has significant development. Buying significantly below replacement cost. Potential for upside.
How did you find this deal and how did you negotiate it?
Adjacent to our location.
How did you finance this deal?
Swap 5/10 with no break fee in 5 years. 4.2% rate
How did you add value to the deal?
Covid put a bit of pressure on this project. Some tenants have been significantly impacted. Nice challenge and problems to solve for our team.
What was the outcome?
Still fighting- Certainly less 2020 did not help us.
Lessons learned? Challenges?
With covid- anything can happen. Have the liquidity to push through periods of rent challenges.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Tradition Real Estate AJ Nash Salem Oregon, commercial real estate agent
Congratulations @Chris Blackburn ! That looks like a very exciting property. I am interested to hear how things work out. Thanks for the share!
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