Track Record
Concord Apartments – 38 Units
Saint Louis, MO
10/2019 – 08/2022
Summary:
- $1,245,000 Purchase Price
- C Class. Built in 1960
- $350k Rehab
- Sold: $2,500,000
- Profit: $1,300,000
- IRR: 53%
Deal Story:
- Found the deal from an expired listing.
- Rehabbed 28 of 38 units including new kitchen boxes, vanities, fixtures, refinished flooring, and painting.
- Exterior Capex included new metal hand railings, all new electrical boxes, on-site laundry facility, fencing, and parking lots.
- Increased rents from an average of $425 to $650.
- Implemented a $30/hour RUBS across all 38 units.
Before
After
Triple Gap Apartments – 20 Units
Cumming, GA
03/2021 – Current
Summary:
- $1,155,000 Purchase Price
- C Class. Built in 1970
- Heavy Lift – $825k Rehab
- Appraised value on 07/2022: $3,500,000
- Cash Out Refinanance in 08/2022 – proceeds returned all initial equity tax-free.
- Investor Level IRR: 36% over 2 years
Deal Story:
- Purchased off-market through a direct to seller email campaign. Used non-recourse bridge debt at 80% LTC to fund the deal.
- Full rehab to all 20 units included new kitchens w/ granite and backslash, bathroom vanities, tile, LVP flooring, fixtures, and water heaters.
- Exterior Capex included new window and doors, stairways, hand railing, HVAC landscaping and foundational fixes.
- Increased rents nearly $600 per unit across all 20 units.
- Cash Out Refinance into a non-recourse perm loan to 5 years. Returned every dollar of equity and some bark to the investors in 18 months.
- Property continues to cash flow with zero cash left in the deal.
Before
After
Higdon Ferry Apartments – 138 Units
Hot Spring, AR
10/2022 – Current
Summary:
- $7,500,000 Purchase Price
- C Class. Built in 1970s
- $1,350,000 Rehab
- Projected exit price of $11M
- Increase rents by $30/door and implemented RUBS in the first 6 months
- 8% preferred return reached in the 2nd quarter of ownership.
Deal Story:
- Purchased of market through our trusted network.
- The deal was tied up for 6 months with the previous buyer and they could not close the deal.
- We took over the contract and closed. Raised $2,500,000 in equity.
- Business plan inclused interior renovations of 110 of the classic units.
- Exterior renovations include a new roof, gutters, paint, imrpoved common area amenities, dog park, and landscaping. Locked in fixed rate bank debt at 75% LTC 5.25% for 5 years right before rates began to skyrocket. Exit will be a sale in 3-5 years.
Before
After
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