Recent acquisition of a 100 plus door multifamily building.

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Recent acquisition of a 100 plus door multifamily building.

Chris R.
Apartment Syndicator · University Place, WA · Member since 2018 · 40 posts · 10 votes

Investment Info:

Large multi-family (5+ units) commercial investment investment in Chesapeake.

Purchase price: $9,500,000
Cash invested: $2,800,000

This is a larger multifamily Syndication I'm a General Partner and Key Principal on.
We just closed on this recently. The cash invested of 2.8 was LP investors and GP investors combined to acquire the asset.
Asking price was just over $11,000,000

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  • Scott Mac
    Austin, TX · Member since 2019 · 5k+ posts · 5k+ votes
    6y

    Hi Chris,

    Including a Boat Ramp.

    It looks like a money maker.

    Good Job!

    0Reply
  • Calvin Thomas
    Developer · New York City, NY · Member since 2015 · 812 posts · 718 votes
    6y

    How are your reserves? Is there a no rent / eviction order in place?

    0Reply
  • Chris R.
    OP
    Apartment Syndicator · University Place, WA · Member since 2018 · 40 posts · 10 votes
    6y

    Its a great property and one of my partners moved into to oversee reno. 

    Thanks Scott

    0Reply
  • Chris R.
    OP
    Apartment Syndicator · University Place, WA · Member since 2018 · 40 posts · 10 votes
    6y

    Calvin the reserve in holding are more than adequate even with the current economic conditions. We have no rent or eviction orders in place and we have had no negative feedback for the tenants. We have taken a proactive approach to the virus concerns and are getting great feedback so far. 

    0Reply
  • Chris R.
    OP
    Apartment Syndicator · University Place, WA · Member since 2018 · 40 posts · 10 votes
    6y

    Thanks Scott, we worked hard on it..

    0Reply
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