I have a few opportunities in the US I would like to pass along now that we are all getting back in to the swing of things with investing:
1) We are very proud to announce that in May we closed on a 158 unit building in Dallas, Texas called Timber Park with our AWESOME JV Partners! And with a solid plan in place, in just 3 months, we have stabilized the building from 70% occupancy to 94%!!! Most renovations have been completed and we are very excited with the progress and changes at this property!
We are also very happy to announce that we closed another 188 unit building in Dallas called Millennium Pointe Apartments on July 29! This one is a very beautiful building, 1985 product, swimming pool, fitness center, balconies, etc. We purchased it for $11,330 per door! It is located in the same neighborhood as Timber Park, so we are very familiar with the area and know exactly what we need to do to get this property performing. When we took possession, occupancy was low at 47%.... in the last month, with a great team and solid marketing efforts, the building has already been increased to 61% occupancy and 66% leased!
I am NOW looking for ACCREDITED JV partners with a minimum of $100,000 to invest in this project (sorry cannot be RRSP's).
The plan is the same as at Timber Park. Conservatively, we expect within 12 months this building will be stabilized (which means at 90% or higher occupancy... with good, paying tenants). After it is stabilized for 3 months, we will refinance and pay the investors out a minimum of 85% (expected 100%) of their original investment.... but they will continue with their ownership, cash flow, etc.!
The ownership in the building is as follows:
- 70% is owned by the Equity Investors;
- 30% is owned by my team
Once my team has performed and we have refinanced and paid the investors out (which we expect will be a 100% pay out) with an anticipated time frame of 18 months, my team will gain 10% bonus, but the Equity Group will still own 60% of equity, appreciation and cash flow! WITH (LITTLE TO) NO MONEY IN THE DEAL!
Please have a look at the attached information regarding Millennium Pointe and let me know if you have any questions.
Just a note, Please let me know if you would like to meet for coffee! Other than that, I am in Calgary and can meet there as well.
Thanks and please email me for more detailed information and pictures!
Madeleine Ficaccio, B.Comm.
The VEA Group Inc.
Diamond REIN Member
Top Player 2010
Top Ten Alberta (South - REIN 2005, 2006, 2007)
Renovator of the Year (Dan - South - REIN 2008)
Office: (403) 547-7227
Cell: (403) 471-4337 (** Best # to reach me at)
Fax: (403) 239-8319