Multifamily Investor Nation

If you think house hacking is only for duplexes, you won't want to miss this episode. David Toupin with Obsidian Capital shares how he effectively leapfrogged the single-family stage of real estate investing and house-hacked a 96-unit apartment building, living onsite for nearly 2 years to gain hands-on experience managing a value-add project. Listen in to learn how, at 25 years old, he's built $100M in AUM, a technology startup, and he's only just getting started.

How do you get a 30% discount in one of the most competitive markets in the country? Today's guest, James Kandasamy, a vertically integrated operator in Texas breaks down how he made a split-second decision to purchase a 263-unit property that other investors wouldn’t touch. You’ll learn how he generates massive returns by leaning in to deals others run away from, how he raised nearly $8,000,000 in less than 12 hours, and why when it comes to locking down great deals, money is not the really the issue.

What's the secret to scaling quickly from small properties to 100+ unit acquisitions? Network, network, network. Today’s guests, brothers Chris and Ashton Levarek of Valkere Investment Group, discuss a 120-unit value add acquisition in Greenville, TX. Listen in to learn how to leverage your strengths and scale faster with strategic partnerships and focusing on what you’re best at.

What are you willing to do to achieve your investing dreams? On today's episode, Dan Handford deep dives with married couple Snowie and Zach of A-Strategy management, who sold their dream house to go all in on multifamily investing. We discuss how they put two adjacent properties under contract to achieve economies of scale, strategically renovated to increase rents by 50%, and navigated a spike in Covid-19 related economic vacancies.

What’s the difference between an investor and a business owner? Today’s guest, Lucas Miller of Bannock Capital wanted to leapfrog the small investor phase and scale up to a large multifamily business as quickly as possible. In this episode you’ll learn: how he locked down a 200 unit value-add project with almost no competition from other buyers, what information he leveraged to knock $400k off the asking price, and how he raised almost $4,000,000 during the holidays to close on this project.

Is everyone overpaying for apartment deals in this market or what? Is hiring the right coach and getting around the right people worth the investment? Should you focus on finding deals or building investor relationships? Today's guest, Jennifer Barner of Lighthouse Ventures answers these questions and more as she sits down with Dan Handford of PassiveInvesting.com to discuss her 72 unit Arkansas acquisition. Listen in to learn how she flipped dozens of homes on the way to her first multifamily acquisition and stuck to her guns to secure a value-add deal for $500k under asking!

Do you think you need a HUGE network to raise capital? Today’s episode might change your mind. Charles Seaman from Three Oaks Management joins Dan Handford with PassiveInvesting.com on the Multifamily Investor Nation podcast to discuss his recent $2.47 million, 48-unit value add acquisition in Sumter, South Carolina. Listen in to learn how they raised all the $1.3 Million plus in equity from ONE investor. How they're strategically deploying capital to see nearly 100% rent increases. How they turned a potentially risky month to month lease situation into a major advantage.

Think multifamily syndication is an all or nothing, full time endeavor? Think again. Partnerships can be incredibly powerful as this episode reveals. Doctors' Vikram Raya and Ravi Gupta of Viking Capital join Dan Handford from PassiveInvesting.com on the Multifamily Investor Nation podcast to discuss their recent 192-unit acquisition in Atlanta. If mortgage backed securities still sound like a risky proposition, listen in to learn how Vikram and Ravi locked down incredible financing terms using them. You'll learn how to build a robust investor network leveraging connections and skills you already have, and why you shouldn't be afraid of a heavy value add deal.

The importance of building rapport with the broker community cannot be underestimated in multifamily real estate. With his lean team, Kyle Jones uses these broker relationships to land some of the best big multifamily deals in the American Southeast, including a 100-unit Roads Ferry Apartments deal in Huntsville, Alabama. Kyle is the President at TruePoint Capital, a real estate private equity based in Houston, Texas. In this conversation with Dan Handford, he walks us through the fundraising, acquisition, and renovation process of this property and shares some of the lessons he learned along the way. He also shares the many challenges he and his team faced as they closed the deal right when the pandemic began in 2020. Kyle’s ability to think on his feet and leverage the right people and resources to solve these challenges is something that we can all learn about.

With enough motivation and planning, finding and securing an excellent real estate deal even in the middle of a pandemic is possible. This is what multifamily syndicator Spencer Gray had done when he found a handsome deal before 2020 ended. Joining Dan Handford, the CEO of Gray Capital, LLC shares how he came across 290-unit villas in South Bend, Indiana, what happened during the due diligence phase, their financial strategies, and how they plan to make a capital out of it. Spencer also talks about the importance of keeping a working network when closing such deals, detailing how his relationships with brokers and investors helped him get that Indiana asset.

When you’re just starting to shift from single-family to multifamily, it often helps to be a fast learner. That is what Arn Cenedella is going for in his first attempt at apartment syndication – a 12-unit Springdale Apartments property located in Spartanburg, South Carolina. Arn’s transition from single-family to multifamily is pretty quick, but you will also as quickly realize that, with his ability to learn quickly and work with a complementary team, he is more or less assured success for this and future deals. Listen in as he discusses in detail all the things that went into this deal with host, Dan Handford. There is a lot to learn here, especially for beginners in multifamily, so if you’re one, best take notes!

Like everything in life, investing in big multifamily properties is all about the right relationships. That is certainly what went on with a deal for an 84-unit property called National Road Apartments in Columbus, Ohio. Listen in as apartment investor Steven Libman joins Dan Handford to walk us through the process by which they acquired the deal. We’re going to learn about how Steven and his team used a feeder deal to solidify a relationship with the biggest broker in the market and position themselves for an even bigger deal. You are going to learn about Relationships 101 – the art of not being a pain in somebody’s neck and always executing, which is something a lot of “gurus” don’t really teach. Plus, take away a golden nugget or two about multifamily due diligence, asset management, capital raising, impact investing and more.

You can only work under somebody for so long. Especially in this industry, many investors will find themselves doing their own thing sooner or later. Apartment investor, Kyle Hetherington, is on this very journey, starting his company and becoming a Principal of Fulton Street Partners LLC. In this episode, he joins Dan Handford to share more about his investing career and the latest property he acquired called Perry Place Apartments at 70 units right outside Richmond, Virginia, and Manchester, Virginia. He talks about starting a business in this COVID environment, where his equity comes from, how he laid out his business plan for the property, and more. Follow along in this episode to gain some new insights from this property.

Is it possible to put an asset under contract without putting boots on the ground? Apartment syndicator, Jonathan Barr, shows it is possible—not wasting your time but still ensuring the quality of the property. In this episode, he joins Dan Handford to talk about his acquisition of the 72-unit Norman Creek in Oklahoma City, OK. He takes us to how he structured that and working with a property management company and then shares the contingencies he put into place. Originally a 71-unit property, Dan shares how adding an extra unit came about. He also taps into the property’s renovations, occupancies, marketing budget, returns, and more.

Sitting down in Whitehaven, Memphis, TN is a 124-unit multifamily property called Shelby Pointe Townhomes, which has recently been purchased by Memphis Investment Properties in May 2020. Walking us through the acquisition and due diligence process of this deal is the company’s VP of Operations, Sean Tagge. Starting out in real estate a few years ago in Salt Lake City, Sean found his most comfortable market in Memphis, where he met his partners, Jim and Brad Reedy. Initially focusing on single family turnkey properties, their company has been doing an average of 250 flips since 2017. This is their first multifamily syndication attempt. Join in as he talks to Dan Handford about their journey to this newer, more exciting space.

With the COVID-19 pandemic forcing people into their homes, more and more needed a place to stay. Multifamily investor and educator, Vinney (Smile) Chopra, seized the opportunity found in this and looked for a property where engineers from Google, Tesla, Facebook, and everybody are moving into: Austin, Texas. In this episode, he sits down with Dan Handford to talk about the deal he got, which is a 308-Unit Lakes at Renaissance Park in Austin, TX, and how he managed to pull it off. He shares with us the process he had to go through, talking about hard money, due diligence, lease audit, demographic information, and more. Vinne also taps into tools you can use to look at trends in occupancy, how to hit preferred returns, and what investment assets there are in the Austin market. This is a jam-packed episode you don’t want to miss.

Relationships are everything in this business and it’s easy to see why. It’s Justin Elliot’s first foray into big multifamily and his relationship with property managers got him into a sweet deal for a 29-unit property in Augusta, Georgia called Midtown Point Apartments. Starting out in small multifamily in 2016, Justin eventually wanted to get bigger properties to expand his portfolio. In this conversation with Dan Handford, he discusses in detail how he found the deal through networking, how he got about with due diligence and fundraising and the developments that he is adding to the property. He also talks about having a three-strike rule and a contingency plan when dealing with investors in multifamily syndication.

A successful multifamily investor and syndicator, Chris Roberts holds a single family residence, duplexes, some construction, and lots of other stuff in between. He is also the Founder and CEO of Sterling Rhino Capital. Looking forward to diving into the larger multifamily properties, he enrolled in a mentor program and two weeks into it, found a deal: a 112-unit plantation townhomes in Savannah, GA. In this episode, Chris joins Dan Handford to share a little bit about his background and dive into the details of his acquisition.

Something big is going up in downtown Salisbury, Maryland. Joining Dan Handford on the podcast, multifamily investor, Nick Simpson talks about an upcoming 86-unit student housing property called The Ross in the charming university town. Like many cities of its size across the country, Salisbury is experiencing resurgence, and the presence of a government-funded university makes it a lucrative market for student housing. However, student housing is not your typical multifamily deal. Considering the specific needs of the student clientele, you may have to incur some additional expenses which can potentially depress your expected margins. Nick explains how they are going around this dilemma to ensure that The Ross gives its occupants the optimal student housing experience while staying ahead of its competitors. He also explains the acquisition process, development and property management planning, financing and their projections for occupancy and profitability.

Coming to the US in 1996, Jens Nielsen took the path that most Americans take. He got an education and then a job in the corporate world for many years. It wasn’t until years ago that he realized it wasn’t the path going forward for him. He decided to embark on the multifamily path and is now a successful real estate investor and coach, helping people take their investing to the next level. On today’s show, Jens sits down with Dan Handford to talk about a 38-unit called Last Vistas out of Albuquerque, New Mexico – how he acquired the deal and everything that happened after closing it.

Ever heard of a three-story, five-bedroom, four-bathroom multifamily urban rental townhouse with a two-car garage? That’s exactly the kind of property that features in a new 15-unit development in Montebello, California. In this interview with Dan Handford, multifamily expert, Scott Choppin, founder of the Urban Pacific Group of Companies, explains why this one-of-a-kind property class is strategically positioned to succeed in the California real estate market even as an economic downturn looms over. Scott sees his urban townhouse model as a disruptor in the multifamily real estate market, targeting an underserved market of large, extended families that has long existed in the state. In this conversation, he explains the acquisition, due diligence and development process and how it has been affected by the COVID-19 pandemic.

Apart from doing it yourself, the best thing to do to learn all things real estate is to take cues from people who have done it before. If you’re into apartment syndication, there is definitely a lot to learn in this episode where Dan Handford talks to Chad Sutton about a 67-unit portfolio they recently closed in Knoxville, TN. Chad is a commercial real estate investor and syndicator with a hyper-focus in multifamily investments. He is also a co-founder and partner at NextGen Real Capital, which has recently joined forces with two other firms to form Quattro Capital. Chad and his partner closed on the properties just when COVID-19 struck, making their experience something that everyone in multifamily should learn from. There are a lot of takeaways from this episode, specifically in relation to loans and funding, so sit tight and take notes.

The numbers never lie almost all of the time. That is why when you are thinking of investing in a property, you must do your due diligence before diving in deep because sometimes, what appears great on the surface may not be all there is. Apartment investing expert, Jalal John Azar, is proof of that. As a numbers-driven person, John managed to acquire an amazing property that looks much better in person than on paper. Dan Handford invites him on the show to take us into the 82-unit Petersburg Palace in Augusta, Georgia, that they acquired just last February 2020. John walks us across the entire process, beginning from when they found it and did the walkthrough to taking it further by acquiring and then closing. Follow along this great conversation to learn more and gather some helpful tips and tricks on making an offer, doing due diligence, and structuring deals. 

Closing an eight-figure deal for a huge multifamily asset is no small feat in any given day, but more so in the middle of a pandemic that has had epic repercussions for the market. Dan Handford, Danny Randazzo, and Brandon Abbott, Managing Partners of PassiveInvesting.com, are certainly up for the challenge, having closed a deal for Hawthorne At Lake Norman, a 232-unit Class A asset located in Charlotte, NC, just in time as the crisis was making a turn for the worse. PassiveInvesting.com actively seeks quality multifamily assets such as this in different markets, mostly in the Southeast. In this episode, they tell how landing the multi-million-dollar deal was facilitated by the good relationships they built with the seller and the brokerage firm they are working with. Their seamless handling of deals like this is reflective of their company philosophy, which aims to enable everyday investors like you to invest in institutional-quality asset deals.

Running a multifamily apartment complex is just like running a business. You manage a team, review numbers, look for ways to constantly improve, and report to investors. An entrepreneur his whole life, Gary Lipsky naturally gravitated to multifamily syndication, and now, he is an expert in the field and a Managing Partner at APT Capital Group LLC. He sits down with host, Dan Handford, to tell us, along with his story, how he was able to acquire a 128-unit property for 15.15 million in November of 2019 called East 3434 located in Phoenix, Arizona. He takes us into the bidding war that happened, the hard money and financing involved, the due diligence process, and the renovation. Showing you the business aspects of real estate, Gary takes you along to this rollercoaster ride of taking on the deal and seeing it through the finish line in this conversation.

Sometimes, to see through the best out of a deal, you need to beat the brokers to the punch and go directly to the owner. This is the go-to strategy of Sterling White, founder of Sonder Investment Group. In this episode, he sits down with host, Dan Handford, to talk about how he acquired a 156-unit property back in November 2019 called Remington on Rockville out of Indianapolis, Indiana using this strategy. He takes us across the process, as well as some of the mistakes he made and the lessons he learned from them. Moreover, Sterling tells us his journey from starting with his first deal to scaling his own company, revealing his primary channel of reaching out, and the software and tools he uses to look for data and verify deals.

Renovating units before renting them out or selling them is a crucial point in time for the property you’ve invested in because you’re establishing the value of the property. If you skip out on renovating units—and all the due diligence that goes into the process of renovation—you’re also missing out on getting the full bang for your buck. Joining Dan Handford is Justin Brennan, the President of the Brennan Pohle Group. Together with Dan, Justin discusses an investment he’s made in Kansas City, MO and the renovation work he’s doing there to turn a C-minus asset into a solid B. With such an important discussion point well illustrated, you don’t want to miss this conversation.

Have you ever wondered how Dan Handford does his deals? You are in luck because we flip the tables in this episode. Taking the hot seat, Dan Handford and his PassiveInvesting.com partner, Danny Randazzo, share with us their most recent deal—a 270-unit Carrington at Brier Creek in Raleigh, North Carolina. With Ellis Hammond as the guest host, Dan and Danny take us to the nitty-gritty of their deal, discussing what they did prior to getting the deal flow in the market to where they are now. They talk about how you can instill confidence in a seller, do underwriting and due diligence, and find a mentor that is going to guide you throughout the process. Going deeper, Dan and Danny then share how you can kill a deal and what their systems look like that allow them to raise money from contract to close.

Have you ever bought a portfolio with an exit plan already in mind? The guest for this episode did, and he is going to tell you all about it. Host, Dan Handford, sits down with Jonathan Twombly, Managing Member of Two Bridges Asset Management LLC and Host of the Real Estate Launchpad podcast. Here, Jonathan lets us in on the portfolio deal that he exited, which consists of four assets, B and C class assets, 404 units in total located in the Greenville-Spartanburg area. He shares the process that he went from acquisition to disposition and offers some helpful tips for those who want to exit on their assets. Jonathan also talks about his strategies and explains what CMBS means and what it entails. Going further, he then shares the biggest challenge as well as the success he faced throughout the process.

Investing in apartments and acquiring a massive number of units comes with a mountain-pile of acquisition requirements. For Anthony Scandariato and his team, they are handling such with victory and organization. In this episode, Dan Handford chats with Anthony from Red Knight Properties, a value-add, mixed-use, and multifamily operator that focuses on workforce housing and Class B and C garden-style apartments. Anthony shares how they found and sourced their 51-unit Millstreet Manor Deal in Newton, NJ, how they built credibility to sellers, how they financed their assets, and how they are renovating it. He also goes into the issues they encountered during the due diligence process.

Off the top of your head, one of the most important things to think about if you’re investing in multifamily properties is that there is a lot of work to be done. Not even accounting for disasters—both natural and man-made—making sure that each unit in a multifamily property gets to a certain value point is a daunting and arduous task. Dan Handford chats with Joseph Bramante, a prolific real estate investor and the Co-Founder and CEO of TriArc Real Estate Partners. Joseph shares his experience of investing in multifamily properties, specifically in relation to the 220-unit candlelight portfolio in Houston that he’s invested in. Investing in multifamily properties truly takes resilience, which is something you’ll see a lot of in the story of Joseph.

Investors out there know that renovations can be one of the most stressful parts of owning a property. The same can be said about multifamily property renovation. Dan Handford is joined by returning guests Joshua Stack and Thomas Konditi of Humboldt Partners LLC. Since their last time on Multifamily Investor Nation, their Mount Holly, NC property has begun taking in tenants, but not without incident. Join Dan in navigating Joshua and Thomas’ experience in multifamily property renovation. If you missed part one of this episode, listen to it here!

Today on the show, apartment investor Forrest Lennhoff talks with Dan Handford about house hacking a beautiful four-unit 19th Street house in Lowell, Massachusetts. He details how he toured the property, submitted an offer, the amount of money he put down, and the renovations done on the property. He also stresses the importance of doing due diligence and shares his ultimate goal with the property.

After acquisition, upgrading a multifamily property has to be your first priority because there’s a lot you’ll have to do before you start making money off of it. Due diligence is such an important part of the acquisition process to save yourself time and resources in the long run. Jorge Abreu, a prolific multifamily investor based in Houston, TX, understand exactly what the process is like. Jorge discusses his abundant experience in multifamily investment with host Dan Hanford. There are plenty of steps you can take to make sure your experience with multifamily investment is so much easier in the long run, so make sure to learn from the best!

How do you close 174 self-managed units in Tulsa? Learn multifamily investing at its best from co-founders Mike Vann, Rodney Miller, and Carl Suverkrop. They join host Dan Handford in this episode to share their diverse backgrounds and how an alignment of interest brought them together in business to form Trident Multifamily. Discover the interplay of roles in their partnership and how each one brings to the table their own brand of expertise as they talk about how they saw the 174 units both as an uphill climb and a diamond in the rough. Learn about confirming opportunity, dealing with hard money, and due diligence for self-managed properties.

There’s a certain thrill to acquiring new properties that you can make a new stream of income out of, but you’ve got to make sure everything’s in order before you start to celebrate. Upgrading an old property takes a lot of scrutiny and a lot more paperwork. Dan Hanford talks all about the process of upgrading older properties with Brian Albers and Bryan Taylor of Affordable Upstate LLC in South Carolina. It just so happens that Brian and Bryan are experts on this particular subject because of their considerable experience going through these same processes. Specifically, they walk us through the 80-unit Landau Apartments in Clinton. Learn from their story and become a better property owner.

Dan Handford with PassiveInvesting.com interviews Garrett Lynch with Nighthawk Equity about a 218-unit multifamily investing deal that his group acquired in 2019. This deal was originally awarded to another group, but due to the persistent follow up efforts by Garrett and his team, they were able to get it after the original buyer didn’t perform. He raised $4.6 million in equity from investors. Listen to this episode to learn several strategies to help you acquire more multifamily assets.

An acquisition may sound pretty exciting, but every real estate investor knows the drama and thrill behind it. In this episode, Multifamily Investing Expert and JFHCapital.com Founder, Joel Florek, shows us how he and his team acquired the fifteen-unit Chestertown Townhomes. From competing with other buyers to easily closing the process, he narrates how smoothly his transaction went. Joel talks about his adventure of looking for the right investors and the process of applying for a loan for multifamily assets. He then talks about where rents are right now and his plans with the property from a CapEx standpoint.

Finding a great place to live in is all thanks to the people who help us. Taylor Peugh, a real estate investor, makes sure to find deals and make it livable for his tenants. In this episode, he talks about the property cycle of a 16-unit property called Billingsley Sixteen located in Charlotte, North Carolina that he brought in 2016 and sold in 2018. Taylor shares to us the nuances of this deal, from how finding and acquiring it to eventually flipping and selling. Learn more about the full cycle of real estate deals as Taylor imparts his knowledge and experience about the industry.

Apartment syndication, simply put, is when a syndicator pools money from passive investors to acquire apartment communities while sharing in the profits.Apartment syndication expert Dustin Miles dives deep into a particular acquisition in Fleetwood Square in Waco, Texas which has 122 units. Dustin shares how he originally found this deal and putting out his offer and explains the whole process of the negotiation he did, including touring the property and how much he ended up selling it for when he exited.

Losing a deal doesn’t mean you’ve totally lost it all. In this episode, Dan Handford with PassiveInvesting.com interviews Pancham Gupta with Mesos Capital. They discuss how Pancham was able to acquire a 76-unit multifamily real estate investment called Chapman Pointe Apartments located in Dallas, NC after he originally lost the deal due to another buyer. Listen in to discover how Pancham eventually acquired this asset. You will also learn about low income housing tax credits that were associated with this deal and why you shouldn’t be scared of these types of real estate investments.

Apartment syndication can bring in a lot of profit especially if you have the education and the experience. In this episode, Dan Handford with PassiveInvesting.com interviews apartment syndication expert Zach Haptonstall on how he acquired a 137-unit apartment complex called Villa Serena located in Phoenix, AZ. Zach was able to secure these properties as a 506(c) offering with very attractive financing for only 3.8% interest with 5 years of interest only on a 10 year fixed rate with Freddie Mac. Join Dan and Zach as they talk more about multifamily syndication and how to structure deals with the investors.

Investing in multifamily real estate can bring you more profit and income in this day and age, especially if you have strategies and creative ways in dealing with issues that comes along the way. In this episode, Dan Handford with PassiveInvesting.com interviews Kyle Mitchell about a 42-unit apartment complex called Midtown on 2nd located in Tucson, AZ that he acquired as an out-of-state owner. Sharing some of his personal experiences in dealing with a lender as a first-time buyer, Kyle also talks about issues that he came across during the process of closing deals and provides some insights in finding investors and making profits out of deals. Join Dan and Kyle as they talk more about multifamily real estate investing and the problems that surfaced while on the process of closing deals and how Kyle dealt with them.

Apartment investment does bring in more profits these days especially if you know how to move your way through acquiring units and luring investors. In this episode, Dan Handford with PassiveInvesting.com interviews Chris Hake about how he was able to acquire a 32-unit apartment complex called Greenway Apartments in Madison, WI in June 2019 for $1.8 million. With his success, Chris shares the importance of building trust and relationships in real estate. He also talks about the projections of the units as well as the payment schemes he has mapped out for his investors. Join Dan and Chris as they talk more about apartment investing and the issues that surfaced while on the process of the closing deal and how Chris dealt with them.

Multifamily is just mind-blowing when we get down and think about it. These properties usually are being mismanaged and mistreated, and you don’t really know what you get until you get into the deal. However, once you start loving on it and invest in the property, it will reward you with some profit. Dan Handford with PassiveInvesting.com interviews Jerome Myers about a 20-unit multifamily investment that was acquired in July 2018. This asset is located in Greensboro, NC and was built in 1978. Listen in as Jerome shares how he rolled up his sleeves on this one to improve returns for investors.

Dan Handford with PassiveInvesting.com interviews Darin Batchelder about this 76-unit apartment community located in Crowley, TX which was closed in December 2018.

Dan Handford with PassiveInvesting.com interviews Ivan Barratt with Barratt Asset Management about an 89-unit multifamily investment. Ivan talks about a unique strategy for adding value to this property by putting the utilities back in the property’s name. This may sound counter intuitive so listen in to see how this was actually a major value play for this property.

Dan Handford with PassiveInvesting.com interviews Dustin Miles with Miles Multifamily about a 147-unit, full cycle multifamily deal that his group recently sold in Dec 2018. This one is unique as most of our interviews are investors acquiring a deal but Dustin discusses in more detail about how he was able to overcome certain challenges and then exit the deal. This is a very insightful episode that you won’t want to miss.

Dan Handford with PassiveInvesting.com interviews Omar Khan with Boardwalk Wealth about their most recent 138-unit multifamily investment located in Jacksonville, FL. The total equity raised on this deal was $4.4mil. Omar discusses how he was able to acquire this asset with a bridge loan for maximum returns.

Dan Handford with PassiveInvesting.com interviews Joseph Bramante with TriArc Real Estate Partners about his 112-unit apartment investment that was acquired February 21, 2019. This was an $11.3mil acquisition and was built in 2013/2015.