After a note acquisition in September 2008 (the week before Lehman crashed – I will always remember that!), then a trustee’s sale in December 2008 (to get on the title)… the dust has settled… and it’s in the black!
What began as a note acquisition for a potential adult care development project in Seatac, Washington, then turned to a multi-family unit maybe… then after some kicking and screaming turned into a rehab of 8 SFR properties, the project came out in the positive with an overall 21.38% IRR after 5 long years.
Why is this notable? Mostly due to the timing and events. For a deal that started just before the crash that should have been worth around $2.2mil, worked it’s way through a variety of options, and still came out whole on the other side…, it’s something I’m satisfied with. This project took a lot of repositioning (almost weekly at many points along the way), but was overall a success and great experience in the end.
While not the highest return I’ve achieved for projects, it was still a better investment than the majority of anything else that happened between 2009-2014.. and that is something to be proud of.
