260 Units in Lansing: Under Contract at $12.5M (Appraised Higher)
Hey Friends quick heads up here is a deal i’m working with my friends We've got a 260-unit apartment portfolio under contract in Lansing. We’re closing on February 2nd. And honestly, the details are kind of nuts… We're buying it for 12.5M. But an independent appraisal done about 12 months ago came back 3.75M HIGHER than what we're paying. That is added equity on day one. The properties are sitting at 92% occupied at this moment. Stable submarket. Consistent renter demand. Garden-style units. Our business plan is simple. Push rents up strategically, tighten operations, make smart improvements without going overboard. We're projecting NOI hits about 1.39M by year three. The numbers for partners: • 8% preferred return• 19.3% IRR projected• About 2X multiple Translation: If you put in 250K... projected net profit of 529K (plus your capital back) If you put in 500K... projected net profit of 1.06M (plus your capital back) If you put in 1M... projected net profit of 2.11M (plus your capital back) If you put in 3M... projected net profit of 6.35M (plus your capital back) Timeline: • Soft commitments close January 12• Hard commitments + wired funds due January 19• We close February 2nd Fair warning... We're being selective about who we bring into this. It’s a Reg D, 506(c) Offering so it’s for Accredited Investors. (Reply to this email if you have questions about that) I want folks who share the same values and trust we've built in this community. Next steps: 1. Review the property details here. 2. Watch the video walkthrough. 3. Reply to this text if you're interested