Today we take a look behind the scenes at what really goes into buying and selling multifamily deals. We, at Break of Day Capital, are excited to announce that we have closed on the sale of Midtown on Seneca, a property we bought in December 2020 in Tucson, Arizona. In this episode, we break down the facts and figures relating to the purchase and sale of this 76-unit property that we bought for $13.6 million and sold for $28 million in under 20 months. You’ll also hear about how we closed on the purchase of Mission Antigua, a 248-unit property we purchased for $59 million, also in Tucson, Arizona. To hear more about the business plans we’ve had for these properties, how they have changed along the way, and what obstacles we’ve had to overcome to achieve so much success, tune in today!
Key Points From This Episode:
- Exciting announcements about two property sales.
- The business plans and some of the obstacles overcome to get the Midtown on Seneca deal done.
- How Break of Day Capital assumed the loan from the seller and added a supplemental for $2 million.
- How they negotiated a credit from the seller, brought in a pref partner, and raised extra money.
- What it was like using a pref partner for the first time.
- Some of the issues that they encountered once they took over the property.
- Why they decided to pivot from the initial business plan and paint the property.
- How they brought the property to market and what it was like selling to an institutional buyer.
- The details and figures related to Mission Antigua, Break of Day Capital's latest acquisition.
- The challenge that arose when the mez lender and senior lender had an issue with the inter-lender agreement and how they resolved this.
- The business plan for this property and some of the features they will be adding.
- Closing thoughts on hard work and overcoming obstacles.
Links Mentioned in Today’s Episode:
Asset Management Mastery Facebook Group
Break of Day Capital
Break of Day Capital Instagram
Break of Day Capital Youtube
Gary Lipsky on LinkedIn
