This property was presented to us off-market. The seller was a small family-owned business that owned a few properties. They had good onsite management, however the units were in need of upgrading and the property needed better marketing to attract a better tenant profile.
We backed ourselves to do an equal or better job with property management and brought in fresh team members. As with most of our acquisitions, we were able to start renovations almost instantly and completed almost 100% of the renovations within 24 months that resulted in massive rent growth. We exited the property in ~2.5 years that resulted in a nice gain for our investors and us.