12-unit multifamily project in Monterey, CA
In 2014, this small community in need of cosmetic repairs was acquired.
Over a 12-month period, we renovated the project by replacing kitchens (including granite countertops), bathrooms, flooring, and painting the entire complex.
The community was leased at rents which were more than 30% over forecast. The plan called for a long-term hold, but multiple unsolicited compelling purchase offers were received, the project was sold 15 months from purchase, resulting in a 71% return on investment.