Invest in Large Multifamily Buildings in Dallas TX with an Experienced Diamond REIN Member! Accredited investors only... GREAT returns! Only $14,500 per door!

  • Ficaccio

    Status: REIN™ Member

    Posts: 42
    Joined: 8 Sep 2007
    From:

     Hello My Friends...

    I am a Diamond REIN Member and have been a proud member of REIN for 10 years.  We have expanded our business over the last few years into Multifamily projects in Dallas, Texas.  We have purchased two buildings so far (Timber Park Apartments 158 units; Millennium Pointe Apartments 188 units).

    We currently have another building, Diamond Creek Apartments that we are looking to close early February.  This 1985/1987 building consists of 272 units and we are purchasing for $14,500 per door!  Once restabilized, this one will be a cash cow!  We are looking for accreditd investors to come in as JV partners with a minimum investment of $100,000.  We expect to refinance within 18 months of purchase and pay back a minimum 85% of your original investment... you will continue to have ownership in the building.  We have a solid plan and would love to share it with you!  Here are some of the details:

    Diamond Creek Apartments Overview

    A complete project plan has been designed by our team and will be implemented prior to the actual closing.  A purchase price of $3,940,000 was negotiated for this property.  It was appraised in 2010 for $6,000,000.  It will be financed with a bridge loan of $2,000,000 and equity partnership for the remaining $2.98 million which totals the all-in cost of $4.98 million (purchase price + rehab + fees, costs and contingencies).

    Ownership Specifics

    The equity partners will receive a 70% ownership in the property during a 12 – 18 month stabilization estimated time frame;

    • After stabilization has been reached, the property will be refinanced within 3 to 6 months; 
    • Once the refinance is complete, the equity investors will get back 85% or more of their original investment (100% is the target);
    • Managing Partners equity increases from 30% to 40% after performance has been achieved and investors are paid back;
    • After the refinance, equity investment ownership interest then changes from 70% to 60%; 
    • The refinance will involve obtaining a new loan for approx. 67% of the estimated $7.8 million value 
    • Following the refinance, all investors will be paid out (85% or greater) of their original investment  

    The project plan is summarized below: 

     Phase 1

    • Immediately upon closing, an intense effort will begin to start the rehab schedule and begin promotion and advertising for the lease-up
    • Management will immediately be changed out
    • Tenant profile will be upgraded by evicting problem tenants and marketing for stable and reliable tenants
    • Highest priority will be to convert the property into a family oriented venue

     Phase 2

    • Begin the refinance process within two months after restabilized (3 consecutive months of 90% or better occupancy qualifies property to begin refinance)
    • Return investors money and continue operations and occupancy with a target of 95% occupancy.

     Phase 3

    • Hold property for 7 – 10 years for cash flow while simultaneously marketing at retail price

     Fundamental Details of the Project

    • Property will be held in a Limited Partnership with 99.9% ownership
    • Property will be managed by an LLC with .01% ownership
    • Managing Partners (also Limited Partners) will get 30% interest before refinance and 40% after refinance

    Please email me at vea@shaw.ca for further information, pictures and marketing package!  Or give me a call to meet for coffee at 403-471-4337.

    Also, we will be in Dallas from January 9 - 12.  If you are interested in meeting us out there for a day to view this project and our closed projects, our attorney, mortgage broker who will do the refinance, etc. please let me know!  We would love to have you out to show you what we are doing personally!

    Look forward to speaking soon,

    Madeleine

    Madeleine Ficaccio, B.Comm.
    The VEA Group Inc.
    www.veagroup.ca
    Diamond REIN Member
    Investor of the Year Finalist (Canada Real Estate Magazine)
    Top Player 2010 (REIN - South)
    Top Ten Alberta (South - REIN 2005, 2006, 2007)
    Renovator of the Year (Dan - South - REIN 2008)
    Office: (403) 547-7227
    Cell: (403) 471-4337 **** Best number to reach me
    Fax: (403) 239-8319
    Email: vea@shaw.ca

Page 1 of 1 (1 items)
Share on Social Networks Close
Facebook Twitter
Details
  • 0 Replies
  • 1 Subscriber
  • 951 days old