Sep 26, 2022
Welcome back to Small Axe Community Podcasts! Today we are once
again joined by Chris Grenzig.
Chris is a Founder of JAG Communities which is a vertically
integrated Multifamily focused investment firm. Chris and His
company believe that prioritizing the resident experience and
making it as high quality as possible, will lead to an unbelievable
experience for all their partners involved.
[00:00 - 07:44]Opening Segment
- Chris Grenzig from Jag communities is a friend of Nico's and
they've been communicating for a couple of years.
- Chris started his roots in New York but has now moved to
Jacksonville, Florida.
- Since he left Toro, Chris has been buying and renovating small
deals.
- In November 2020, Chris bought his own deal and started a
vertically integrated company focused on small to mid-size
multifamily deals.
- Since then, Chris has bought four more existing deals for a
total of 72 units.
- He also has a two-and-a-half-acre site
[07:44 - 16:10]New Multi-Family Project in Low-Density
Town Gets Approved
- A conditional variance to build an apartment was
ultimately denied.
- Their backup plan is to build 18 or 19 townhomes on a parcel of
land for $20,000 per unit.
- The possibility of rezoning the property to create multiple
types of housing, including apartments.
[16:10 - 27:50] Average Rent Increases Mean Deals in
Jacksonville Are Becoming More Competitive
- Average rents were around $1,500 per month in 2016, but the
property was purchased for $156 per square foot.
- The current plan is to add washer and dryer connections to
every unit, stackable units in attic access, and increase
electrical service.
- There is a problem with increasing electrical service because a
custom meter bank must be ordered and the supplier would not give a
price or timeline until the order was placed.
- The goal is to create assets that outperform the market, but
not turn around and sell them right away.
[27:51 - 30:27] Closing Segment
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I believe that you only need a small axe to build a lasting
empire. Let’s start building yours!
To know more about me and all the real estate opportunities you
can find, you can connect with me on LinkedIn, Instagram, and Facebook, or check out my website https://smallaxecommunities.com/ and book a
call with me.
Tweetable Quotes:
“I think I do a pretty decent job at thinking about
things from the big picture. And what's gonna matter in five 20 and
50 years from now.” - Chris Grenzig