I closed a 59 unit multifamily deal in Tampa!

I closed a 59 unit multifamily deal in Tampa!

Investor · Safety Harbor, FL · Member since 2016 · 83 posts · 42 votes

Investment Info:

Large multi-family (5+ units) industrial investment investment in Tampa.

Purchase price: $3,800,000
Cash invested: $1,300,000

See full description here:
https://ibuycoastal.com/blog/f/coastal-harbor-properties-adds-59-units-to-portfolio

What made you interested in investing in this type of deal?

Freedom, escaping the rat race

How did you finance this deal?

Private investment capital and commercial bank financing

How did you add value to the deal?

In addition to raising capital, I assisted with optimizing processes, systems, team collaboration, and technical strategy.

What was the outcome?

a profitable deal for our investors

Lessons learned? Challenges?

Listen to my podcast, Tech Guys Who Invest for this:
https://www.tgwipodcast.com/59unit-part1/
https://www.tgwipodcast.com/59unit-part2/

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  • Rental Property Investor · Odessa, FL · Member since 2017 · 145 posts · 113 votes
    7y

    If you're looking to sell one of these units I wouldn't mind picking up a multi family

  • Rental Property Investor · Central, FL · Member since 2016 · 950 posts · 821 votes
    7y

    Nice, is there a plan to remodel or update any of the units or is it purely a hold and wait game.  

  • Investor · Safety Harbor, FL · Member since 2016 · 83 posts · 42 votes
    7y

    @Account Closed It's a value add play. We're remodeling and updating units, adding a common brand to all buildings and pushing rents to attract a better class of tenant. Taking this from a C- to C+ over the next 5 years.

  • Jim BlackburnBusiness Member
    Lender · Florida Based (48 states Puerto Rico) · Member since 2017 · 321 posts · 121 votes
    7y

    @Adam Ulery  nice job Adam! 

    Stairway Mortgage, a Division of NEXA Mortgage LLC598 Reviews
  • Investor · Safety Harbor, FL · Member since 2016 · 83 posts · 42 votes
    6y

    Update: This asset continues to perform strongly, as planned. We have turned units that had bad tenants and pushed rents while increasing tenant class. We've started exterior improvements to improve the property image and attract higher quality tenants. Meanwhile, Tampa continues to grow and this area continues to gentrify. Separate post coming soon about how we recently closed a 56 unit in another area of Tampa Bay. If you're interested in what my team is doing next, please reach out! Also check me on Tech Guys Who Invest podcast. 

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