Rehabbing an apartment complex that nobody wanted

Investment Info:

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

16+ unit apartment complex, full rehab / expansion over five years

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

Return

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

Loopnet. I used a recommended commercial agent.

How did you finance this deal?

Conventional Commercial Financing. 20-year amortization, 5-year renewal cycles

How did you add value to the deal?

Making it a place that good people would want to live, increasing gross revenue, and structurally reducing expenses

What was the outcome?

Very strong current cash flow and appraisal

Lessons learned? Challenges?

Working with towns is hard and requires persistence.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Neil Amper, Capstone Properties
John Kupa, local RE Attorney