Jonathan CroninREI Accelerator, Rei Accelerator · Multifamily Real Estate Investor & Coaching Leader

Congratulations to all the investors in REI Capital Group! 🎉

31 Jul 2026 · 2 min

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2:18

In this brief on‑site video, Jonathan Cronin announces the official closing of REI Capital Group’s 90‑unit apartment acquisition, Canopy West, in Atlanta, Georgia. He walks through the transaction details: a total purchase price of $8.5 million (or $7.2 million per a later clarification), a $5.75 million loan at just over 7 % interest, and a $2.75 million wire transfer. Cronin highlights the deal’s strong financial outlook, noting a current 9‑10 % cap rate, early occupancy that matches year‑8 projections, and average rents of about $1,100 per month. He emphasizes the favorable purchase price of roughly $80,000 per door, achieved despite competing offers of $9‑10 million, thanks to relationships and confidence in execution. The acquisition director, Thomas, is credited with about 3,700 units of experience in the Atlanta market, underscoring the team’s market expertise. The video concludes with congratulations to investors and an optimistic outlook for the property’s performance.

Chapters

It is official, we are closing on the 90-unit deal in Atlanta, Georgia, Canopy West. So we are here with Rhonda signing the closing docs, signing the loan docs, and, uh, we are getting this thing ready to go. So we've got to send money, that's the big thing now. You excited? How much? Yes, $2.75 mil. $2.75 million. We got a wire And, uh, the total price is $8.5 million. Yes. So loan is what? $5.75 million. So we're signing on a $5.75 million loan. I believe we got around that 7% interest rate. A little over 7%. A little over 7%. Not too bad. So we are ready to go. You excited? Good. Ready to go. All right, let's get into it. Congratulations to all the investors on this deal. Uh, we just got word that it's actually 9%, 9 to 10% cap rate right now. So the past month, the occupancy has already increased to the point where we are seeing the same numbers that we were projecting for year 8 on this deal in year 1, in the first month. So it is an absolute killer deal. In fact, the seller was wanting to back out because he knew he could get it for a lot more and sell it for a better price. But, uh, we're closing on time, so you can't do anything about it. But yeah, I mean, the— there's like $1,100 a month rents is like the average. We're getting it for $80,000 a door. $7.2 million purchase price. Other people were offering $9 and $10 million, but we got it because of relationships and, uh, confidence to close. That's what matters the most in this market. So, uh, we're here gonna sign. In fact, our, our, uh Our acquisition director, Thomas, he has acquired about 3,700 units and most of them are in the same market, this Atlanta market right here in this part of it. So we have a lot of experience with this specific market. So really excited, guys. Looking forward to seeing you guys soon.