Two distinct opportunities to acquire under-performing assets with significant upside to rents and highly favorable bases. The properties were acquired at an average of $98,000 per unit where comparable deals were trading at $110,000 per unit. After effective management and renovation, the assets were brought up to stabilization, refinanced and sold in May 2015. The properties were each performing at above 97% occupancy at the time of disposition.
- No. of Units: 43
- Acquisition Price: $4,250,000
- Renovation Costs: $450,000
- Disposition Date: May 2015
- Disposition Price: $7,340,000
- Hold Period: 25-36 months
- Levered IRR: 60.00%