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

• Final words
• Connect with Chris Grenzig. by following him on Facebook, LinkedIn, Twitter, and Instagram or you can email him at [email protected]. For more information, you may also visit their website at https://www.jagcapitalpartners.com/ 

 

 

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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