SHOPPING FOR FIXER-UPPERS
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|Cocke, Finkelstein Inc. (CFI) is among the long-time investors and entrepreneurs looking for B-minus and Class C, value-add multifamily properties. Above is an example: the 50-unit Delano Place in Decatur, built in 1965. CFI just closed on two Class C apartment complexes in the College Park-East Point neighborhood, operations director Sid Malkin tells us. They plan to refurbish both properties. A lot of investors are looking for small- to medium-size deals of under 150 units to buy with around $1.5M to $2M in cash, Sid says. Financing remains difficult at this grade level, especially if a property is non-performing. Sid says most multifamily investors are buying for the long-term with the expectation that rents will rise with eventual job-market recovery.|