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267: Waterford Grove Update: $30M+ in Potential Profit!
I wanted to jump on real quick to give an update on a property we purchased last year with some really exciting numbers and progress we’ve made. We’ll see what happens with interest rates, but these renovations could push the value by tens of millions of dollars in a few years.
In April 2021, we bought and closed on Waterford Grove, a 552 unit property in Houston, Texas, with a purchase price of $70 million. After $3.5M for rehab, plus our closing costs, prepaids, and escrows which put us all in for roughly $79 million.
Since then, we’ve successfully done a number of exterior repairs and added dozens of new units to the rent roll by splitting some of the 3 bedroom units. With the way this is shaping up, we could be looking at a valuation of as much as $110-115 million in just a few years!
If you’re wondering how we did it, today’s episode is for you. I will walk you through why we did the deal and how having the right team in place gave us the confidence to proceed and set us up for success. And finally, the most important thing to know when co-sponsoring and co-syndicating deals. (HINT: It isn’t the other owners!)
Key Takeaways with Josh Cantwell
Want the Full Show Notes?
To get access to the full show notes, including audio, transcripts, and links to all the resources mentioned, visit https://acceleratedinvestorpodcast.com/267
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