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There is nothing that prepares you for completing a construction project during a Pandemic. This courtyard building was saved from foreclosure and transformed over 18 months. Severely damaged with just a few tenants, to a fully renovated building with apartments rented to both subsidized and market rate tenants.
There were delays, there was bridge financing, but at the end of the day there was tremendous value added and 13 brand new units moved back into the housing stock for a community that needed it.
Price per Door: $21.2K
Purchase price: $275,000 (2019)
Appraisal: $940K (2021)
