Developer 路 Woodland Hills, CA 路 Member since 2019 路 3 posts 路 2 votes
Investment Info:
Large multi-family (5+ units) buy & hold investment.
Purchase price: $24,000,000
Acquired this property with potential. 621 bed student housing across the street from Cal Poly San Luis Obispo.
What made you interested in investing in this type of deal?
Dripping with upside. Direct deal, off market.
How did you find this deal and how did you negotiate it?
I'm Senior VP of Investment Acquisitions at Compass Acquisition Partners. Responsible for sourcing, financial analysis, due diligence and acquisitions of multifamily assets across the United States for a portfolio of 5,200 apartment units. I found this deal through good old fashioned cold calling and prospecting.
How did you finance this deal?
Agency debt.
How did you add value to the deal?
Complete rehab and rebrand.
What was the outcome?
Doubled the value, stands at a near 27% unlevered IRR. 36% levered over 5 years.
@Michael Solis Congratulations on that closing and repositioning! All the great deals come from either cold calling or relationships within the industry. I remember checking out Stenner Glen apartments when I moved here in 2003 but ended up moving into the neighboring Mustang Village apartments. Does Compass Aquision Partners have any other properties in SLO or SLO County? What requirements do you have for your company when assessing a property or potential deal? I鈥檇 assume it鈥檚 got to be a certain size and value add component? I鈥檝e got to congratulate you on that price that鈥檚 truly a steal of a deal in this market for that particular location and size. 馃檶馃徎 Next time you鈥檙e in the SLO area I鈥檇 love to meet up to take you to lunch or out for some drinks to discuss various projects.