$1.45 million in equity at closing?!! 💰 Yes please! 🙋♀️
June was an EXCITING month as we JUST CLOSED on The Gables of Cornerstone – a 2008 vintage Garden-Style Apartment Community consisting of 100 apartment homes. 🎉 The Asset was purchased off-market, direct to the Seller, in our hometown of Lynchburg, VA. 🤝
We are leaving the closing table with $1,450,000 in Day 1 Equity for our investors. 🥳 With a Purchase Price of $13,250,000, The Gables of Cornerstone received a final 3rd-Party appraisal of $14,700,000. 👏
A few of the reasons why we liked this deal:
✅ B class property in A class location
✅ Nearly 100% occupied & already cash flowing 6% (distributions will start in October for our investors); cash on cash return should average 7-9% over the hold time
✅ Projected 15-17% IRR
✅ 2-2.5x Equity Multiple
✅ 5-7 year hold
✅ Very well maintained asset with little deferred maintenance, yet still some opportunity to add value with minor updates over time and raise rents
✅ Purchased at a significant discount ($132,500 per door & other properties are trading for over $200k per door in our market)
✅ Awesome Amenities available at the complex (pool, washer/dryers in unit, playground, walking trails, restaurants/shopping in the community, picnic area, and more)
I’m especially excited about our partner on this deal, RockBridge Investment Group! 🤩 This is Kevin Dean, CFA & David Acosta’s third acquisition in the Lynchburg market & I am thrilled to be working alongside such a solid team with an excellent track record.
If you’re considering passively investing in real estate, let’s connect! I’m happy to be a resource. 👍 Additionally join our Investor List to stay in the loop on future offerings: www.TayloredInvestments.co