Updated about 6 years ago on . Most recent reply
Apartment Renovations Underway
Investment Info:
Large multi-family (5+ units) commercial investment investment in Andalusia.
32 unit apartment complex in downtown Andalusia. Currently being renovated and remodeled. Occupancy currently at 90%. We are planning our exterior renovations of this 8 building complex this summer!
What made you interested in investing in this type of deal?
Restoring a historical part of my city.
How did you find this deal and how did you negotiate it?
Met with the owner through a phone call. 5 months of lunch dates and negotiating we closed the deal.
How did you finance this deal?
Traditional Loans
How did you add value to the deal?
Currently remodeling the entire complex. We also fixed a lot of neglected R&M issues. We now do in-house management by one of our property managers. We have uniformed and corrected rents to market rate as well as simplified.
What was the outcome?
So far we have increased the complexes income, corrected and lowered future R&M and already revitalizing a historical part of the downtown area.
Lessons learned? Challenges?
Still learning.
