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 physical plans including windows being broken and 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, and roofs, and painting the entire complex. We added garages, security fencing and an outdoor entertainment area, named the Bulldog Chill Zone.
University Place was fully leased for the first academic year after its renovation. Approximate current value suggests a 46% return on investment.