Turning Around Mismanaged Class C Apartments with Chris Wise

Chris Wise is not looking for the largest apartment buildings in the market. He is focused on a smaller Class C multifamily range that he believes often sits between large institutions and smaller local owners.

Expanded Description

Chris and his team focus mainly on 20 to 60 unit Class C properties in Louisville and other Midwest markets.

Part of the opportunity comes from problems other buyers may not want to handle. Chris talks about deferred maintenance, inaccurate property information, older building systems, and properties that may have been poorly managed.

Instead of building the plan around rent increases alone, Chris says his team puts major attention on expenses. That includes property management, maintenance, utilities, billing, and replacing problem components before they become larger failures.

He also walks through a Louisville property that was about 60 percent occupied when they bought it. After repairs, inspections, lease work, and renovations, the property reached about 95 percent occupancy in roughly three months.

Key Topics and Takeaways

• Why Chris focuses on Class C properties with about 20 to 60 units
• The gray area between larger institutions and smaller operators
• Why deferred maintenance can create both problems and opportunity
• Why property records and billing information need to be verified
• Using expense control as a major part of the value add plan
• Working with HUD, veterans programs, and other housing organizations
• A Louisville property that moved from about 60 percent to 95 percent occupancy
• Why Chris thinks about the exit before buying
• How structure and calendar control help him manage six companies and family life

Guest Information

Chris Wise is a real estate investor and lawyer based in Louisville, Kentucky.

His real estate focus is Class C value add multifamily, mainly in the 20 to 60 unit range. His team looks in Louisville and across parts of the Midwest, including Kansas City.

Chris said he is interested in connecting with:

• Institutions
• Retail investors
• Registered investment advisors
• Family offices