70 unit apartment complex- $300 of my own $
Investment Info:
Large multi-family (5+ units) commercial investment investment in Ravenna.
Purchase price: $1,750,000
Cash invested: $300
Just closed on a 70 unit apartment complex near Akron, OH. We bought the property for $1,450,000 & will be putting in just over $200,000 towards the rehab. We'll refinance the property in 12-18 months, give our down payment investor a great return on their investment/give them equity as well, pull out tax free loan proceeds once we refi, and have a NOI of around $199k once stabilized. I'm looking for more value-add complexes and partnering with anyone who comes across any deals off-market!
What made you interested in investing in this type of deal?
Passive income.
How did you find this deal and how did you negotiate it?
Off-market and negotiated with the seller directly.
How did you finance this deal?
Commercial non-recourse construction loan.
How did you add value to the deal?
We'll be putting in around $200k to the property (unit turns and exterior), bump rents up to market rents, and should appraise for around $2,3000,000 once stabilized.
