Case Study

Multi Family
Property Type
May 2026
Acquisition Date
Holding
Exit Date
Project Overview
W Ocean View is REIF's first deal as general partner. It is two 11-unit apartment buildings from 1972 on West Ocean View Avenue, near Willoughby Spit in Norfolk, fully occupied, with rents well below the market around them. REIF put the property under contract in April 2026 and partnered with two local operators to buy it. Due diligence turned up deferred maintenance beyond our original underwriting, so we went back to the seller and renegotiated the price from $2.2 million to $2.0 million. At the same time we raised $825,000 from nine members, formed the ownership company, negotiated the operating agreement and arranged financing that covers the renovation. The deal funded 40 days after we went under contract. REIF serves as Chief Manager and runs the property day to day, and the renovation is underway now.
The Challenge
and What We Did
The Challenge
- A 22-unit purchase that needed more equity than REIF would commit alone, with the contract clock already running
- Inspections that found deferred maintenance beyond what the original underwriting assumed
- An ownership company, operating agreement and investor list that all had to come together while the lender and title worked in parallel
- Dated kitchens, baths, floors and laundry in Norfolk's Coastal Character District, where a renovation needs the city's architectural approval
What We Did
- Ran due diligence in the first week with a structural engineer, a plumber, insurance and flood quotes and a full rent roll review
- Took the findings back to the seller and renegotiated the price down $200,000
- Raised $825,000 from nine members, with $100,000 of REIF's own money in alongside them
- Chose a $2.12 million bridge loan that set aside $686,000 for the renovation and $65,000 for interest, so the work is paid for in draws as it gets done
- Funded the closing 40 days after going under contract, won the city's approval and started the interiors: new kitchens and baths, LVP flooring and stacked washers and dryers in the units
Property Data
Two 11-unit buildings on a 30,000 square foot lot, with 15 two-bedroom and 7 one-bedroom apartments, built in 1972. As general partner, REIF put the deal under contract, ran the diligence, renegotiated the price and built the capital stack: $825,000 of equity from nine members and a $2.12 million bridge loan. The renovation money sits in a lender reserve that pays out as the work is completed, so the members' capital went into the purchase and was never needed for construction. From signed contract to funded closing took 40 days.
Detail
Information
Acquisition Price
Cash Returned via Refi
Refinance planned
Net Equity in Deal
Annual NOI
In renovation
Annual Cash Flow
In renovation
Cash-on-Cash Yield
In renovation
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