All Forum Posts by: Richard Coyne

@Brandon Penn

Awesome! Congratulations and well done!

@Tyler Blackwell

Thanks! There is some truth to the idea that the work is the same on a smaller deal, the numbers are just bigger!

@Kyle Stevie

Thanks! Working on the exit RR plan!

@Brent Kawakami

Thank you! We are pleased to be working on this one!

@Jason Layman

Jason - thanks! Yes let’s stay in touch! We are looking in the larger cities and surrounding metro area of NC, SC, GA and TN!

@Dino Pierce

Thanks Dino! Absolutely, it was great to meet you in person!

Investment Info:

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

Purchase price: $12,528,000
Cash invested: $2,925,000

216 Unit Apartment Complex! We are executing a Value-Add strategy on this 19-acre property.

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

Multi-Family apartment dwellings are historically some of the best real estate investments available. They typically appreciate in value, they deliver rental income, and they are always in demand. This is why successful investors engage in this industry

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

By leveraging our network, we learned about this deal.

We were on our way to tour another property and we had some extra time so we went by this property. We saw a broker colleague that was on site giving another tour. We messaged him and he was able to squeeze us in for a tour. We made an offer and it "hit the mark" for an offer that would cancel the "call for offers."

How did you finance this deal?

We leveraged bank financing and raised the equity to close the deal. We syndicated the equity raise.

How did you add value to the deal?

We have a $1M Capital Expenditure (CapEx) budget that we are using to improve the property.

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

We are working with a great team of partners on the General Partner (GP) side and we have a wonderful group of investors on the Limited Partner (LP) side.

We worked with a great team to help make this deal go forward - from the debt broker, to the attorney, to the title company, to the property manager, to the insurance agent, to the lender, to the commercial real estate broker, and others!

Incredible!   Congratulations!   I also would like to know more about the financing.   What was down payment? Loan amount, loan terms, etc.   wow!

Correction - my loan is not a 203k (finance person send wrong info so I clarified).  

My loan is a conventional rennovation loan.  Regardless, it sounds like I put the numbers correctly into the corect calculator.   Thanks everyone! 

Thank you for the warm welcome Christoper and Dave!