How He Acquired a 3.57 million, 76 unit, value-add multifamily in St. Louis - with Lee Fjord | TLS078

In this episode, Lee Fjord joins us to talk about his latest acquisition -  An off-market, 3.57million, 76-unit, value-add deal in Spanish Lakes, MO (a northern suburb of St. Louis). We also discuss an overview of the St. Louis market and why you may want to consider investing in the greater St. Louis MSA

>>>Interested in partnering with us on future opportunities? Connect with me at CanovoCapital.com.

WE DISCUSS:

• A bit of Lee's background
• Why western United States investors look to the midwest for cashflow
• Some of the key economic drivers for the St. Louis MSA
• Area's of St. Louis that he would avoid as an investor
• We dive deep into the 76 unit property he Just acquired.
• 1980's construction 6 buildings. 
• Found the deal off-market from a relationship he had. 
• 3.57m Purchase Price, 150k in seller financing, total equity 800k.
• Structured as a 506b Syndication, with regional bank financing, 5-year term, 2 years of interest only, 4.25% interest rate, and 80% loan to cost. 
• The plan was to increase the value through interior and exterior renovations with a goal of taking the average rents from $650/m to $800/m.
• Some of the things he learned through his first syndication
• Some of the challenges he faced in acquiring this deal through Covid-19

KEY QUOTES:

"Never be afraid to ask for something you want or need cause you might just get it"

ABOUT OUR GUEST:
Lee has almost a decade of experience as a Property Manager, Realtor, Commercial Leasing Agent, Asset Manager, and Commercial Property Broker.

He is a results-driven, goal oriented professional real estate agent and investor with a "go-getter" attitude, currently focusing on acquisitions and asset management of commercial multifamily real estate throughout Greater St. Louis and surrounding markets. He approaches each resident, investor, partner, and service provider with the goal of meeting or exceeding all of their expectations to ensure the creation of "long-lasting" and trusted relationships.

CONNECT WITH OUR GUEST:
850-797-1307
www.greenforestcapital.com

CONNECT WITH US! 

• Visit our Website: https://www.apartmentinvestingjourney.com/
• Connect with us on Facebook: https://www.facebook.com/apartmentinvestingjourney/?modal=admin_todo_tour
• Follow us on YouTube: https://www.youtube.com/channel/UCpmNIzpEzxGn5ZuNgjAVV-w/featured
• Follow us on Instagram: https://www.instagram.com/apartmentinvestingjourney/
• Listen on Apple Podcasts: https://podcasts.apple.com/us/podcast/apartment-investing-journey/id1464256464

LOVE THE SHOW? PLEASE SUBSCRIBE, RATE, REVIEW & SHARE

ARE YOU A PASSIVE INVESTOR LOOKING FOR PRE-VETTING COMMERCIAL MULTIFAMILY INVESTMENT OPPORTUNITIES? VISIT CANOVOCAPITAL.COM TO CONNECT WITH US

LOVE THE SHOW? Please subscribe, rate, review and share! Thank you!