Regency Park is 104 units of Class B apartments in North St. Paul, Minnesota, about five miles from downtown St. Paul. We bought it in August 2024 for $11.08M, and three things made it a yes.

First, the loan. We assumed the existing Fannie Mae loan at a 2.62% fixed rate, locked through 2030 with interest-only payments over that stretch. That’s well below what a new loan cost in 2024, so more of the rent goes to investors instead of the lender.

Second, the operator. Endurus Capital’s three founders have operated nearly half a billion dollars in multifamily and commercial real estate. They run property management and construction in-house, and they own Aspen Village, a 54-unit property directly across the street. They know this market because they live and work in it.

Third, the building. Regency was stabilized when we bought it. The $910K capital budget covers light updates and reserves: about $467K for unit interiors and turns, and $405K for exterior items like roofs, siding, and boilers. There’s no gut rehab, so the deal doesn’t depend on a big renovation going to plan.

My first rental took twice as long and cost twice as much as I planned. Regency keeps that risk small.