After a successful career in the telecommunications industry, my business partner and I were looking to make a change. We had identified commercial multifamily as an area of focus, but we wanted something that would give us a jumpstart in the industry. We had years of experience as commercial asset managers, but multifamily was new to us, and we were looking to find mentors to accelerate the learning process.
After some research, we found the Multifamily Partner Program and were immediately impressed by the real-world experience and active multifamily portfolio of 37th Parallel Properties.
Since completing the program, we immersed ourselves in the Dallas market and recently closed on our first deal. We are now implementing an upgrade program to boost rents; we are also getting expense management under control and are starting to see some positive results. It’s really encouraging to apply what you learned and see it work.
We plan on acquiring several more deals in the next 9 months, using a variety of capital sources to do it. We’ll offer our investors several options when investing with us so we can better meet their needs and close more deals. Multifamily Partner really helped us get started and we are very excited about the future.