MCW Global Partners in partnership with three private investment groups acquired Country Place Apartments (32-unit complex) in Idabel Oklahoma back in July 2021. The property was completely distress with only days before the city condemned the entire property. Residents had not paid rent since the beginning of the Covid-19 pandemic early 2020. At the time the property was labeled by City officials as the most troubled community within the City limits. With a promise of renovating the property and providing professional and steady management service, the City agreed not to condemned if we conducted a fast closing and start immediate turnkey of the units and residents.
The property was acquired at $15,625.00 per door, with an estimated capital need of approximately another $15,000.00 per door, bringing the property acquisition at approximately $30,625.00 per door. However, MCW throughout internal staffing and strong management, was able to bring the per unit renovation cost down to $10,937.50, bringing the total per unit investment at $25,937.50, saving approximately 16% per unit.
The property is now 85% occupied, 100% of rents collected, and has received a rental increase of approximately 63%. The property overall value has now increased above 74% of the original investment. We are pleased with the outcome of this property and the success MCW has accomplished for its investors and residents.
If you would like to learn more about Investment opportunities or in need of Management and Renovation assistance, please email us at info@MCWGP.com. Please feel free to visit our website at www.MCWGP.com and look at our Real Estate section to view previous case studies.
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