Ardele Steele

I just got a 10-unit apartment deal under contract in Colorado Springs and am putting together a small group of investors. Purchase price: $1.25M 100% occupied Strong day-one cash flow Clear path to increase NOI from ~$99K to $120K+ Located near downtown redevelopment with solid rental demand. We’re targeting:• 8% preferred return• Profit split + equity upside Looking for a few partners to help complete the equity. If you’re open to taking a look, message me and I’ll send details.

New comment 3d ago

Ardele Steele

1 like • 3d

@Jai Thompson That’s a great point — and I agree, this isn’t a deal where we’re relying on cap rate compression or market appreciation to drive returns. We’re buying close to in-place value, so the focus is on operational improvements and creating margin through execution. The main levers we’re targeting are: • Bringing rents to true market levels — current rents are still below where comparable renovated units are trading• Implementing RUBS to recapture utility expenses (currently landlord-paid)• Converting laundry to paid use for additional income• Tightening expense management — we’re underwriting closer to 40% expense ratio vs. current reported numbers to build in conservatism Beyond that, the property is already largely renovated, so we’re not taking on heavy CapEx risk — it’s more about stabilizing operations and optimizing income. The way I’m looking at it is: day-one cash flow covers the debt comfortably, and the upside comes from improving NOI through controllable levers rather than market speculation. Happy to walk through the underwriting if helpful.

Ardele Steele

0 likes • 3d

@Jai Thompson That’s exactly how I look at it as well — protecting the downside if execution takes longer than expected. A few ways I’m structuring that into the deal: • We’re entering with strong in-place cash flow and a DSCR around 1.4–1.5, so the property comfortably covers debt even without hitting pro forma rents• I’m underwriting expenses more conservatively (~40% vs. current), so there’s a built-in buffer if costs come in higher• We’re planning for a phased rent approach rather than assuming immediate increases — gives flexibility if the market softens or turnover is slower• Maintaining reserves at closing to cover any short-term variance in income or unexpected repairs• Keeping leverage at ~70% so we’re not overexposed if NOI takes longer to grow So the way I see it, the deal works on day-one cash flow, and the operational upside is more of a bonus than a requirement to stay stable. Happy to walk through the downside scenarios if helpful — I’ve stress-tested it with flat rents and higher expenses and it still holds above breakeven.

Ardele Steele

7d •

🏠 Live Deals

10-Unit in Colorado Springs, CO

New comment 6d ago

Ardele Steele

0 likes • 6d

@Gregg Lancer $75k would be the min but the more offered the higher the equity portion.

Ardele Steele

Feb 24 •

🏘️ General discussion

Agency Deal sent to me...

Looks like a nice deal. The 17-unit Ivy Wild Apartments at 316 E Brookside St, Colorado Springs, CO 80905. This property has an assumable loan at 3.93% for another 5 years, and could be a great option to significantly increase your cash flow, should you want to exchange into another Colorado Springs asset. Pricing guidance is $2.350M (or $138,235/door).Included are the current rent roll and most recent T12 for this 17-unit multifamily asset located just off E Brookside, within the South Nevada Redevelopment Corridor. The property is encumbered by an assumable agency loan with a 3.93% interest rate and approximately 5 years remaining, at an estimated $1.77M loan balance, providing attractive financing in today’s market. Property Highlights: - Unit mix consists of (10) 2BD / 1BA units and (7) 1BD / 1BA units - On-site laundry and some additional storage available for lease - Off-street parking with a recently paved and striped driveway - Clear value-add opportunity through rent growth and unit improvements - Comparable nearby property at 1415 Corona is achieving $1,300 for 1BD units and $1,550 for 2BD units The South Nevada corridor has experienced significant redevelopment following its Opportunity Zone designation, including new retail and dining anchored by over 50,000 SF of commercial space, the Colorado Creekwalk, Natural Grocers, Sprouts Farmers Market, Chick-fil-A, and additional neighborhood-serving businesses such as Bank of America, Dunkin Donuts etc. Recent infrastructure improvements include road realignments, repaved sidewalks, new street lighting, and buried power lines—further enhancing long-term appeal and value. Jeff Dimmen Senior Director Multifamily | Rocky Mountain Region Mobile: +1 719 459 5756 jeff.dimmen@cushwake.com 1401 Lawrence St, Suite 1100 Denver, CO 80202 Rocky Mountain Multifamily Advisory Group

Christian Osgood

Jan 26 •

🏘️ General discussion

I am writing a book and need your help...

I'm looking for a couple of people to read the copy of my first book on Creative Finance. It's one of a three-part series I'm working on right now and I'm looking for feedback on my first draft. If you're reading this and you feel that you have some skills in editing and you are an accomplished reader, I'd love to connect with 1-2 of you about giving it a read through and providing feedback on any improvements I can make or sections I may have missed. I should have draft one back for my editor this week, but rely on y'all to tell me if it's good or not. By design, it's not going to be a long book. It's about 135 pages, so it should be a relitivley quick read.

New comment Feb 3

Ardele Steele

0 likes • Jan 27

I would be happy to help. Depends on the audience you are looking for. Just let me know.