The Olympic Village Apartments were purchased in November 2019 for $4M.
The business plan for the property was to capitalize on expansion and gentrification of neighboring amenities, recent business development, and increasing public safety and awareness.
The property was immediately improved with granite kitchen counters and large basin sinks with garbage disposals, new electric panels, and exterior paint. The total renovation cost was $500,000. With these improvements, a letter to all tenants was provided, increasing rents to market rate while making market demanded improvements. Retention was high and we continued improving the property with patch and seal pavement, gated community entrance on fob and dial system, and landscaping refurbishment.
Currently, we are finalizing the stabilization phase with financials supporting a $6.8M NOI Valuation on $4.5M in invested capital, resulting in a 40% Internal Rate of Return.