12-unit multifamily project in Monterey, CA
In 2014, this small community in need of cosmetic repairs was acquired.
Over a 12-month period, the project was renovated by replacing kitchens (including granite counter tops), bathrooms, flooring, and extensive painting.
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.