Role: Development Team, GP Team, Property Manager
Capital Stack: Partial 1031 proceeds, construction loan, perm loan
Challenges: Two dilapidated houses were acquired as part of a 1031 exchange with a member of the ownership group. Both houses were highly distressed. We worked with existing tenants to relocate them to better housing and designed an apartment complex to comply with existing zoning requirements. After obtaining demolition permits and preparing the site, a 14 unit apartment complex was constructed. The complex was pre-leased prior to completion and has maintained 100% occupancy ever since.