Diamond Creek Apartments, Dallas TX (272 units)... $100K minimum investment... Only $14,500 per door!

Ficaccio

New Forum Member
REIN Member
Happy New Year My Friends!
I am a Diamond REIN Member and I`m excited to say 2011 was a great year for us purchasing multifamily buildings in Dallas, Texas! My US partner, Patrick Gergen and I have therefore, merged our companies to reflect our new alliance. I am proud to announce our new company: AmeriCan Multifamily Alliance Group, LLC. Please check out our new web site: www.MultifamilyAlliance.com and be sure to click on the 7 minute Dallas Texaplex video to explain why we are investing in that area. Let me know what you think! Would love your feedback.


I`ve been looking into the best method to acquire multifamily buildings in Texas for the last couple of years. Through research and networking, I discovered the benefits Texas has to offer with multifamily investments. A thorough analysis was needed for purchasing in Texas. With this data, a business plan was created to take into consideration some key elements. Below is a brief description of why my efforts and attention are in the Dallas market today.


Of all the facets of real estate and investing in the US, I feel multifamily is the strongest sector and will continue to be true for years to come. Currently, Dallas, TX is, in my opinion, the best US location to purchase multifamily properties when you consider cash flow, stability and refinance potential. In the Dallas market, I believe `B and C` buildings offer the greatest security for investors. Once the property has been stabilized and the value increased, we are able to refinance and pull our original investment back out in order to purchase more properties.


Since May, 2011, together with my partner, we purchased 346 multifamily units in Dallas, Texas
(Timber Park Apartments and Millennium Pointe Apartments) and are currently under contract to close another building consisting of 272 units by February 15, 2012.


Timber Park Apartments (our first Dallas building built in 1968) consists of 158 units and was purchased for $11,202 per door
. It is performing very well and much better than our original numbers anticipated! This property was purchased in May 2011 as a distressed asset with occupancy at 73%. The property was in need of capital improvements and a tenant overhaul. We therefore had to do several evictions to `clean house` dropping the occupancy to 65%. Only 8 months in to the project, our occupancy is at 94%, capital improvements are near completion, several tenant retention programs have been put in place and we have built a long lasting community.

Our newest acquisition, Millennium Point (built in 1985) consisting of 188 units was purchased July, 2011 for only $11,436 per door/b>. This property was only 44% occupied when we bought it and like Timber Park, capital improvements were needed. The asset manager of this property was very anxious to sell and we saw opportunity for our partners. In just a little over 5 months, I`m proud and excited to say the tenant occupancy is up to 78% leased and 84% pre-leased. Of the 97 units that needed renovations, 77 of these have been completed and most are occupied.
I am overseeing the management on both of these buildings on a daily basis along with my partner, Patrick and our team and we travel to Dallas monthly.

Over the last few years, we have built a great team and have achieved a strong reputation in the Dallas market. Therefore, we are now offered opportunities before they hit the open market and become extremely competitive. Our newest building, Diamond Creek Apartments has been put under contract prior to being listed on the open market. We were therefore, able to negotiate favorable pricing without competing offers. This building, consisting of 272 units will be closing on February 15, 2012. It is 1985 / 1987 product and will be purchased at $14,485 per door
. This purchase will increase our total units to 618 in the Dallas market. Please email me to send you our marketing package with respect to Diamond Creek along with our Investor Overview.



Should you have any questions or require any more information, please let me know as soon as possible as we need to remove conditions on January 20.


I am leaving for Dallas this weekend and will be there until Thursday, January 12. If you would like to come out to view our new project, our current buildings and meet our attorney, etc., please let me know asap!
Would love to show you around Dallas and only need one day to show you what you need to see!


I appreciate you taking the time to read through this email and I would love to go into more detail with you about the benefits of investing in multifamily projects.


All the best in 2012! I look forward to speaking with you soon!


Thanks!


Madeleine

Madeleine Ficaccio, B.Comm.

The VEA Group Inc.

www.veagroup.ca

Diamond REIN Member

Top Player 2010

Top Ten Alberta (South - REIN 2005, 2006, 2007)

Renovator of the Year (Dan - South - REIN 2008)

Investor of the Year Finalist (Canadian Real Estate Magazine: 2011)

Office: (403) 547-7227

Cell: (403) 471-4337

Fax: (403) 239-8319

Email: vea@shaw.ca
 
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