Hello From Florida – “The Georgia Peach”
It’s been a while since I sent out a note so thought I would give a quick update as to what we have been working on. I spent a lot of time on a 388 unit property in Fort Wayne Indiana which was a great reposition deal. I got it under contract, did all the due diligence and spent two months working on this. On the 30 day of the inspection period we were still negotiating the purchase price due to almost $1,000,000 0f undisclosed works needed. We were working towards an agreement but by 8:30pm on the 30th day of EMD going hard, we could not come to a mutual agreement and I had no choice but to terminate the contract to protect the EMD. After that, we could not get negotiations back on track. Big let down, but hey, sh*t happens, welcome to the wonderful world of real estate.
The Big Bounce Back
We have a great property under contract now, we’re past the due diligence stage, and should close around April 7th. So far, everything has gone as smooth as a peach, a Georgia peach that is. Wynview Apartments is a 138 unit apartment complex in the Stone Mountain sub market of Atlanta, Georgia. It is a great value play with numerous value-add opportunities that can and will be implemented over a very short period of time. I have put together an awesome team around the project including of course, Crown Bay Group running operations and value-add works.
We also have a couple of offers currently in, will see if we are able to get them under contract.
Hasta la vista,