Home Forums Discussion Forum Closed!! — 188 Units in Arlington, TX

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  • #4004 Reply
    Garret Rumbea
    Participant

    Flintridge Apartments - Closed

    Excited to share that Flintridge Apartments, a 188-unit multifamily community in Arlington, Texas, has officially closed.

    This one took a real team effort to get across the finish line. Toward the end, there were a lot of normal closing items being worked through, including seller-side city items, lender requirements, insurance updates, closing amendments, updated vacancy and delinquency information, and pre-closing walks to verify unit condition before takeover.

    A big thank you to our investors for their trust and partnership. We do not take that lightly. Thank you as well to our partners, lenders, brokers, attorneys, property management team, vendors, and everyone who helped move this forward. There are always a lot of people behind the scenes on a transaction like this, and we’re grateful for each person who played a part.

    Now the focus shifts from closing the deal to operating the asset well. That means supporting the onsite team, serving residents, improving leasing, staying disciplined with the business plan, and being good stewards of the property and the capital entrusted to us.

    Grateful for the team, grateful for our investors, and looking forward to the work ahead.

    #4183 Reply

    NICE!!! How many of the deals have you closed like this? How do you raise the capital to purchase?

    #4253 Reply
    Garret Rumbea
    Guest

    Thanks Daryl! So I have about 420 units spread across 3 properties, one of which I’m not a lead on and just raised capital for. The other two, a 121 unit and this 188 unit I am leading with my two partners, we brought in an about 50% ourselves, and raised the rest through private investors.

    #4254 Reply
    stage
    Keymaster

    That is amazing! At some point down the road I would like to learn more about your operation and possibly share with our subscribers.

    #4292 Reply
    Garret Rumbea
    Participant

    Thanks! Sure, definitely down for that.

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