Silver Leaf Multi Family Apartment Hold (Denver, CO)
Investment Info:
Large multi-family (5+ units) buy & hold investment.
Purchase price: $2,450,000
Cash invested: $425,000
• 21 unit apartment building
• Complete cosmetic remodel
• Scope: Converted a maintenance room to a one bedroom unit bringing the total units in the building to 22. Rents at purchase were $800 for studios, $950 for one bedrooms and $1,000 for two bedrooms. After remodel, rents were raised to $1,050, $1,150 and $1,295 respectively.
• Projected Net Profit: a $500-600K
How did you find this deal and how did you negotiate it?
Interesting detail: The property was previously under contract at over $2,600,000. The seller was in a 1031 exchange with another property in which he was already non-refundable on his earnest money. He had fallen out of contract with a previous buyer, so he had to close on or before May 31. We were able to accommodate his closing date request and negotiate a price for the property that made sense for our business plan.