River Street Apartments

This 11-unit apartment building consisting of all 2-bedroom units was averaging monthly rents of $910 per unit.  We acquired the property for $1.37M and have already renovated 5 units and rented them out for $1,600 each. We plan to renovate 5 or more units to bring the average rent up to $1,383 per unit and then refinance the project and repay our 100% of our initial equity investment.  The refinanced and stabilized building will then produce a healthy cash flow and have a new value of $2.2M.  We will sell this property when market conditions are favorable.