Updated over 4 years ago on .
The Riverwalk Apartments
Investment Info:
Large multi-family (5+ units) commercial investment investment.
Purchase price: $4,250,000
Cash invested: $1,200,000
The Riverwalk Apartments is a 72-unit community located in Ecorse, Michigan. TerraNovus Capital acquired this asset midway through a value-add process and immediately mobilized to complete this process. Once complete, the asset will be refinanced, returning meaningful capital to our investors.
What made you interested in investing in this type of deal?
Significant value-add upside was available as the prior ownership group was a fractured partnership.
How did you find this deal and how did you negotiate it?
We sourced this deal off market.
How did you finance this deal?
We syndicated 25% of the required capital and utilized bank financing for the balance.
How did you add value to the deal?
Completion of unit and common area upgrades resulting in significantly increased rents.
