Multifamily investment 187 Units Mansfield Ohio

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Multifamily investment 187 Units Mansfield Ohio

Account Closed
Investor 路 FL 路 Member since 2019 路 76 posts 路 37 votes

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Limited Partnership - 187 Unit Multifamily apartments - Mansfield Ohio. Value add. 60 units rehabbed already, next 100 to be done over the next 3 years. Refinance or sale after 3 years capital returned plus 12 percent cash on cash return and equity share.

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

Limited Partnership. I like the returns and the people who are managing the asset.

How did you find this deal and how did you negotiate it?

I was looking into Limited Partnerships and really like the long term benefits of limited partnerships

How did you finance this deal?

I am a limited partner, I am only an investor and not a general partner.

How did you add value to the deal?

N/A

What was the outcome?

Currently in the value add and rent raising phase of the project

Lessons learned? Challenges?

Choose people whom you trust to invest with.

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Most Popular Reply

Chris Levarek
Real Estate Syndicator 路 Phoenix, AZ 路 Member since 2018 路 903 posts 路 1k+ votes
5y

We also have one in Columbus, Ohio very similar. Great market with strong population growth. The price per door is quite attractive in Ohio :) Thanks for sharing. 

1Reply
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  • Drew Cheezum
    Columbus, OH 路 Member since 2021 路 46 posts 路 67 votes
    5y

    Congrats @Account Closed!! Sounds like an awesome cash flow property. Ohio is such a hot market right now so these large multi-families are hot commodities

    1Reply
  • Tony Gorokhovsky
    Real Estate Investor 路 Brooklyn, NY 路 Member since 2017 路 65 posts 路 39 votes
    5y

    How much did you pay per door? I have/had several MHPs in the area..

    0Reply
  • Dmitriy Fomichenko
    Solo 401k Expert 路 Anaheim Hills, CA 路 Member since 2012 路 18k+ posts 路 6k+ votes
    5y

    @Account Closed thanks for sharing!

    0Reply
  • Brandon SturgillBusiness Member
    Real Estate Broker 路 Columbus, OH 路 Member since 2013 路 3k+ posts 路 1k+ votes
    5y

    @Account Closed sweet...how did you know the general partner? Was it an existing relationship? Where did the property come from?...brokered or off-market?

    Thanks for sharing 

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    0Reply
  • Account Closed
    OP
    Investor 路 FL 路 Member since 2019 路 76 posts 路 37 votes
    5y

    it was about 55 per door, I met him on the mastermind group I belong to. I scheduled a call with him, he was very thorough and I had already spoken to a few groups about their LP opportunities. It was on the market and was an assumable loan. Ohio seems to very hit right now.

    1Reply
  • Tony Gorokhovsky
    Real Estate Investor 路 Brooklyn, NY 路 Member since 2017 路 65 posts 路 39 votes
    5y

    55k/door for a 2/3 vacant building is extremely expensive. 

    0Reply
  • Mark Gray
    Real Estate Agent 路 Mansfield, OH 路 Member since 2017 路 16 posts 路 11 votes
    5y

    @Account Closed I know these apartments pretty well, and glad to see someone is starting to clean them up. Would like to know more on this. 馃憤

    1Reply
  • Marc RiceBusiness Member
    Real Estate Agent 路 Columbus Cleveland Dayton, OH 路 Member since 2018 路 2k+ posts 路 1k+ votes
    5y

    @Scott Kidd

    Congrats! Value add is always the move

    [email protected]614-363-2787
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    0Reply
  • Account Closed
    OP
    Investor 路 FL 路 Member since 2019 路 76 posts 路 37 votes
    5y

    @Tony Gorokhovsky, it was 90 percent occupied at closing. Probably high but the numbers still worked.

    0Reply
  • Remington LymanBusiness Member
    Real Estate Agent 路 Columbus, OH 路 Member since 2017 路 6k+ posts 路 7k+ votes
    5y
    Originally posted by @Account Closed:

    Investment Info:

    Large multi-family (5+ units) buy & hold investment.

    Limited Partnership - 187 Unit Multifamily apartments - Mansfield Ohio. Value add. 60 units rehabbed already, next 100 to be done over the next 3 years. Refinance or sale after 3 years capital returned plus 12 percent cash on cash return and equity share.

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

    Limited Partnership. I like the returns and the people who are managing the asset.

    How did you find this deal and how did you negotiate it?

    I was looking into Limited Partnerships and really like the long term benefits of limited partnerships

    How did you finance this deal?

    I am a limited partner, I am only an investor and not a general partner.

    How did you add value to the deal?

    N/A

    What was the outcome?

    Currently in the value add and rent raising phase of the project

    Lessons learned? Challenges?

    Choose people whom you trust to invest with.

    Congrats on the deal in Ohio!

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
    Reafco512 Reviews
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    0Reply
  • Stewart Beal
    Investor 路 Ann Arbor, MI 路 Member since 2013 路 178 posts 路 225 votes
    5y

    Looks like a good opportunity, we manage 1,500 apartments in Toledo and are actively investing, if you are looking for another investment opportunity, reach out.

    1Reply
  • Account Closed
    OP
    Investor 路 FL 路 Member since 2019 路 76 posts 路 37 votes
    5y

    @Stewart Beal thank you will do.

    1Reply
  • Chris Levarek
    Real Estate Syndicator 路 Phoenix, AZ 路 Member since 2018 路 903 posts 路 1k+ votes
    5y

    We also have one in Columbus, Ohio very similar. Great market with strong population growth. The price per door is quite attractive in Ohio :) Thanks for sharing. 

    1Reply
  • Steven Foster Wilson
    Rental Property Investor 路 Columbus, OH 路 Member since 2017 路 3k+ posts 路 3k+ votes
    5y
    Originally posted by @Account Closed:

    Investment Info:

    Large multi-family (5+ units) buy & hold investment.

    Limited Partnership - 187 Unit Multifamily apartments - Mansfield Ohio. Value add. 60 units rehabbed already, next 100 to be done over the next 3 years. Refinance or sale after 3 years capital returned plus 12 percent cash on cash return and equity share.

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

    Limited Partnership. I like the returns and the people who are managing the asset.

    How did you find this deal and how did you negotiate it?

    I was looking into Limited Partnerships and really like the long term benefits of limited partnerships

    How did you finance this deal?

    I am a limited partner, I am only an investor and not a general partner.

    How did you add value to the deal?

    N/A

    What was the outcome?

    Currently in the value add and rent raising phase of the project

    Lessons learned? Challenges?

    Choose people whom you trust to invest with.

     This is amazing, do you mind sharing what your rate of return is supposed to be?

    0Reply
  • Account Closed
    OP
    Investor 路 FL 路 Member since 2019 路 76 posts 路 37 votes
    5y

    Preferred rate is 7, supposed to be about 10-12 paid quarterly.

    0Reply
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