Toro newest acquisition Jacksonville, FL (part 2)
Investment Info:
Large multi-family (5+ units) commercial investment investment in Jacksonville.
Purchase price: $5,646,000
Cash invested: $525,000
104 Units bought off market in conjunction with Whispering Oaks apartments 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 70% LTV est.
How did you add value to the deal?
Exterior/amenity improvements, unit interiors roughly 50% of the total, move leasing office from unit, to extra space in building next to laundry room (making laundry room much smaller with new laundromat next to property)
