The Richileau Apartments

This 15-unit apartment building was our first project and consists of a mix of bachelor, 1 and 2 bedroom and commercial units.  The commercial units were mostly vacant upon possession and we took a slow methodical approach to adding value to the property. We acquired the property for $750K, renovated 8 units and filled the commercial units over multiple years. We refinanced the project recently and repaid our initial equity investment by 3x.  The refinanced and stabilized building produces a healthy cash flow and has additional land with potential for new construction of a 4 storey apartment building with 20 units. We will continue to hold this property and build on it when market conditions are favorable.