In this episode, Chris Ward and Bryan Morris discuss their recent investment in the Azur Apartments, a 208-unit property in Waco, Texas. They delve into the due diligence process, the selection of the operator, and the unique tax abatement strategy that enhances the property's value. The conversation also covers market analysis, interest rate management, operational efficiency, and projected returns for investors, highlighting the importance of realistic expectations and strong partnerships in real estate investments.

00:00
Introduction to Azur Apartments Investment

04:11
Due Diligence Process and Operator Selection

06:46
Understanding the Business Plan and Tax Abatement Strategy

09:54
Market Analysis and Occupancy Rates

12:26
Returns and Investor Expectations

14:57
Conclusion and Future Prospects

Takeaways

• The Azur Apartments deal closed on January 31, 2025.
• Due diligence is crucial in selecting the right operator.
• Tax abatement strategies can significantly increase property value.
• Understanding market dynamics is essential for investment success.
• Interest rate management is key to achieving projected returns.
• Operational efficiency can enhance profitability in property management.
• Realistic expectations lead to better investor satisfaction.
• Strong partnerships are vital for successful real estate investments.
• Continuous communication with investors builds trust and confidence.
• The Waco market shows promising growth potential.

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