Pacific Court

Project Description

12-unit multifamily project in Monterey, CA

THE SITUATION

In 2014, this small community in need of cosmetic repairs was acquired.

THE STRATEGY

Over a 12-month period,  the project was renovated by replacing kitchens (including granite counter tops), bathrooms, flooring, and extensive painting.

THE OUTCOME

The community was leased at rents which were more than 30% over forecast. The plan called for a long-term hold, and multiple unsolicited compelling purchase offers were received. The project was sold 15 months from purchase, resulting in a 71% return on investment.

Project Details