newest acquisition Jacksonville, FL
Investment Info:
Large multi-family (5+ units) commercial investment investment in Jacksonville.
Purchase price: $7,454,000
Cash invested: $650,000
Bought off market in conjunction with Highlander apartments. Plan is to rebrand, landscape, exterior paint, and somewhat overhaul the exterior, renovate interior units and sell within 3-5 years after implementing our capital plan.
What made you interested in investing in this type of deal?
We target 100-300 unit properties built in the 60's-90's in several markets across southeast and midwest. We feel these have great upside with a good amount of downside protection.
How did you find this deal and how did you negotiate it?
This deal was secured off-market.
How did you finance this deal?
Freddie small balance loan 75% est.
How did you add value to the deal?
Exterior/amenity improvements, unit interiors roughly 50% of the total, add 3 additional units in storage space.
