Bridger PenningtonFund Launch & Investment Expert

Here's An Easy Way to Upgrade Your Multi-Family Real Estate Investments

17 Jan 2023 · 1 min

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1:05

Bridger Pennington's multifamily fund buys distressed apartment complexes and upgrades them. In a rough Las Vegas property, they offered police officers 50% rent discounts, which brought in officers who deterred crime. Adding a coffee shop, daycare, and tutoring program transformed the building's reputation, pushed occupancy to 95%, and enabled higher rents.

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We are multifamily fund. We only do maybe this market with these types of rentals. We only do value-add. And our value-add is— so my dad's one, for instance. One of their value-adds, their buy box is like 100 units to 300 units. They usually distress D and C class properties. So one of them they bought, I want to say it was in Vegas. It was a rough part of town. They put in first month, they said any police officer that moves in will give you 50% off of the rent. So what happened is all these, maybe like 10 police officers moved in the first month. Yeah. And guess what? All the drug dealers, all the stuff, they started moving in. And then they said, hey, we're going to take the corner unit on one of the And we're actually going to make it a donut and coffee shop for any police officers that want to come in. So every day you had multiple cop cars coming in and all of a sudden all the riffraff leaves. For sure. And the people that, you know, single mom, whatever, wants a nice place for their family, they move in. And they said, hey, we're going to make a daycare downstairs. We're going to make a clubhouse, an after-school, you know, little tutoring session. And all of a sudden in a 3-mile radius, they have, you know, 95% occupancy. They're raising rents because everyone in a 3-mile radius wants to move to that apartment complex. That's the kind of stuff they do.