102 (106) unit Acquisition in Tulsa, OK
Investment Info:
Large multi-family (5+ units) commercial investment in Tulsa.
Contributors:
Mike Vann
Atlanta Terrace is our 4th asset in the Tulsa MSA and less than 1.5 miles for 2 of our other properties, this is giving us great scale in the market. After months of negotiation through 2020, we completed our Reg D 506(b) offering/syndication and closed on this property in November 2020. Having a presence in the sub-market we identified that the rents were well below market and the property was not operating efficiently, perfect light value-add opportunity.
How did you find this deal and how did you negotiate it?
Great broker relationships and doing what we said we would do.
How did you finance this deal?
Freddie Mac 5-year Hybrid with 1-year Interest Only and zero pre-pay after year 2.
How did you add value to the deal?
In addition to moving rents to market and operating the property more efficiently, we uncovered an opportunity to build out 4 additional units.
@Trexie E.