I bought a $33,000,000 deal at an "uncertain" time. Here's what made me confident: This was back in 2020. At the time, a $33MM deal was 2.5x bigger than anything I had ever done. It was in the middle of COVID, so people weren't bullish on buying. "Buy Low, Sell High" is great advice, but it's easier said than done for most people. The deal was a 72-unit building + commercial in Chicago's West Loop neighborhood. We put in our offer at $33MM, which worked out to $420k/unit. The same developer had sold two similar buildings in the area pre-covid: one sold for $549k/unit and the other for $460k/unit. $420k/unit looked like a great buy. Rents have ripped upwards in Chicago since our purchase, and our loan is fixed at 3.61%, so we are sitting pretty on this deal today. Looks easy in retrospect but not as easy in the moment. - Disclaimer: This is not an offer to sell or a solicitation to buy securities. Past performance is no guarantee of future results, and investors may experience different results than those shown, including the loss of principal. You should not rely upon forward-looking statements as predictions of future events.
@drewbreneman cool results man navigating that uncertain market for such a strong deal is impressive.
@drewbreneman cool results man navigating that uncertain market for such a strong deal is impressive.