46-unit, 176-bed student housing facility in Fresno, CA
This facility was purchased out of foreclosure in 2015 for $30,000 per door with only three occupants. Deferred maintenance was evident in all components of the project including broken windows boarded up with plywood.
The facility was completely renovated by “taking it down to the studs” over 12 months. Improvements included replacing all kitchens, bathrooms, windows, roofs, and painting the entire complex. Garages, security fencing and an outdoor entertainment area, named the Bulldog Chill Zone were created.
University Place was fully leased for the first academic year after its renovation. Approximate current value suggests a 46% return on investment.