Just Closed a 240 unit Apartment Complex

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Just Closed a 240 unit Apartment Complex

Brian Adams
Syndicator of Large Apartment Buildings · Glen Mills, PA · Member since 2009 · 1k+ posts · 1k+ votes

I am happy to report that today I closed on a 240 unit apartment complex in Atlanta, GA that I bought for $9.4 million and it appraised for $9.9 million. Capital raise was $3 million and my investors are super excited!!

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Tony SanFilippo
Real Estate Investor · Littleton, CO · Member since 2013 · 197 posts · 77 votes
10y

@Brian Adams

Congratulations!  Would you mind sharing some details, rents, debt service how you put the deal together?  Thanks in advance and great to see you getting deals done.

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  • David Thompson
    Investor · Austin, TX · Member since 2013 · 933 posts · 1k+ votes
    10y

    Great work Brian.  For those who missed Brian's deal, we've one upped him w/a 320 unit in north Dallas, TX that we are working on funding.  Give me or Joe Fairless a shout if you'd like some education on this deal.  Toyota moving its HQs from CA to TX 10mi from community will be icing on cake.  Dallas one of the strongest job growth, rental growth markets in the country.  Rents 20% below market, solid B - to reposition to a B+ in a A area demographic.  Great value re-position play.

    1Reply
  • Percy N.
    Developer · Philadelphia, PA · Member since 2015 · 2k+ posts · 904 votes
    10y
    Brian Adams congrats! Let's connect on the next one. Cheers Percy
    0Reply
  • Mike Wire
    Investor · Woodbury, NY · Member since 2015 · 15 posts · 7 votes
    10y
    Hi David Thompson , Are you still looking for investors? What kind of return are you anticipating from your deal?
    0Reply
  • Juan Vargas
    Investor · Houston, TX · Member since 2015 · 233 posts · 188 votes
    10y

    Congrats @Brian Adams and great job! I've read your other thread ( which was long but very inspirational btw!) and you called it.. You wanted to close on your next one soon and you did it. What are your requirements for someone wanting to invest with you besides obviously the capital? 

    0Reply
  • Brian Adams
    OP
    Syndicator of Large Apartment Buildings · Glen Mills, PA · Member since 2009 · 1k+ posts · 1k+ votes
    10y

    @Hubert Washington, thanks for your message.

    1. The biggest obstacle, although out of my direct control, was the lender delays. I was supposed to close this deal back in March and the lender didn't have everything ready so had to use my 30 day extension in my purchase and sales contract. 

    A tip I would suggest to those putting these types of deals together is to build in more time than you think you need to close.

    2. Biggest lesson is to always cultivate and grow relationships with investors who will fund your deal.

    1Reply
  • Brian Adams
    OP
    Syndicator of Large Apartment Buildings · Glen Mills, PA · Member since 2009 · 1k+ posts · 1k+ votes
    10y

    @Juan Vargas, a requirement to get into the deals I am structuring are only available to accredited investors as defined by SEC.

    1Reply
  • David Thompson
    Investor · Austin, TX · Member since 2013 · 933 posts · 1k+ votes
    10y

    Hi @Mike Wire,

    Yes, we are active.  I will PM you for discussion. 

    0Reply
  • Aditya Var
    Investor · Saint Augustine, FL · Member since 2016 · 15 posts · 3 votes
    10y

    Cool! Inspiration for people like me. Congrats!!

    0Reply
  • Aditya Var
    Investor · Saint Augustine, FL · Member since 2016 · 15 posts · 3 votes
    10y

    Hi @David Thompson ,

    I am interested in learning about this deal you are putting together.

    Thanks.

    0Reply
  • Account Closed
    Arlington, TX · Member since 2015 · 31 posts · 10 votes
    10y
    Wow! Awesome!
    0Reply
  • Robert GuilfoylePro Member
    Mount Laurel, NJ · Member since 2012 · 125 posts · 36 votes
    10y
    Brian Adams Congrats! Your story is certainly an inspiration to myself and many others! Thanks for sharing and best of luck! Rob
    0Reply
  • Bhekizwe M.
    Bulawayo, Zimbabwe · Member since 2015 · 1k+ posts · 253 votes
    10y

    congratulations @Brian Adams.inspiring

    0Reply
  • David Alvarado
    Investor · Silver Spring, MD · Member since 2016 · 92 posts · 42 votes
    10y

    @Brian Adams Congratulations on the recent acquisition! Your story is very inspirational.

    0Reply
  • Amir B.
    Rental Property Investor · Elk Grove, CA · Member since 2016 · 306 posts · 76 votes
    10y

    Hi Brian,

    What sort of return will the investors get on $100,000?

    0Reply
  • Brian Adams
    OP
    Syndicator of Large Apartment Buildings · Glen Mills, PA · Member since 2009 · 1k+ posts · 1k+ votes
    10y

    @Aditya Var, @Account Closed, thanks so much for your message.

    0Reply
  • Brian Adams
    OP
    Syndicator of Large Apartment Buildings · Glen Mills, PA · Member since 2009 · 1k+ posts · 1k+ votes
    10y

    @Amir B., I would be happy to discuss investment opportunities directly with you to see if my deals are a match for what you are looking for. 

    Please feel free to message me.

    I am not a securities attorney, but what I am aware of with raising private capital and maybe I am to cautious, I would feel more comfortable not disclosing returns on this public forum. I hope you understand.

    0Reply
  • Abena Cannady
    Cambria Heights, NY · Member since 2008 · 7 posts · 3 votes
    10y

    Congratulations Brian! I love what you're doing and I'm aspiring to get to that level at some point. Thanks for sharing and inspiring. I wish you continued success. 

    0Reply
  • Ian WalshBusiness Member
    Lender · Philadelphia, PA · Member since 2016 · 2k+ posts · 1k+ votes
    10y

    Nice work.  

    0Reply
  • Daniel G.
    Specialist · Austin, TX · Member since 2014 · 76 posts · 9 votes
    10y

    @Brian Adams is this your usually strategy for debt? For your previous deals do you actively try to get a 7 year adjustable rate mortgage? 

    0Reply
  • Arun Sriram
    Investor · Edison, NJ · Member since 2015 · 15 posts · 7 votes
    10y
    Congrats Brian! Wish you continued success. You are an inspiration and hope to follow in your footsteps. Arun Sriram
    0Reply
  • Nicole O.Pro Member
    Atlanta, GA · Member since 2015 · 29 posts · 5 votes
    10y

    @Brian Adams  What property management company will you be using?

    0Reply
  • Matthew PorcaroBusiness Member
    Lender · Long Island, NY · Member since 2016 · 456 posts · 336 votes
    10y

    You're at the level I'm striving to be at in the future! Congrats

    The 203k Way
    WebsiteView Page
    0Reply
  • Milad Keshavarz
    Investor · Santa Monica, CA · Member since 2015 · 54 posts · 16 votes
    10y

    @Brian Adams

    Congrats!

    0Reply
  • Sky Mikesell
    Principal · Charlotte, NC · Member since 2010 · 200 posts · 89 votes
    10y

    Well done @Brian Adams   that is a healthy capital raise.   Excellent work! 

    0Reply
  • Ron Garner
    Flipper/Rehabber · Atlanta, GA · Member since 2009 · 352 posts · 25 votes
    10y

    Hi Paul I have some multi family properties that may interest you. Let's connect  

    0Reply
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