Multi-Family Portfolio Acquisition in Dallas, Texas
Today’s deal spotlight centers on the acquisition of a multi-family portfolio in Dallas, Texas. Being that Terrydale had financed the clients properties in the past, the seller came to Terrydale asking for guidance on valuation and financing options. To get started, we did a full comprehensive underwriting and market analysis to give him a breakdown of what the value of each property is.
These properties were conveniently located to the Terrydale office and fit within the parameters of some of our previous investments, leading to a competitive offer that was accepted by the client. Due to the vintage builds (starting at 1936) of the properties, the multi-family portfolio required a lot of due diligence due to the very poor condition of the properties.
To facilitate the deal expeditiously, we decided to assemble a group of our clients to close this transaction, including an asset manager, an equity and tax professional, as well as property manager with 40 years of experience.
What We Were Up Against
During the close process, we discovered many unforeseen repairs that needed to be addressed. Additionally, we were coordinating around COVID challenges, historical district questions, major plumbing and foundation concerns with limited crawl space access and very limited financial data, some of which was handwritten.
What Our Team Helped Turn Around
Terrydale Capital put its network to use, having our friends and client’s step in and bring their expertise to get over the construction hurdles as well as bring the remaining equity to the table. Read more.