Story

We bought this property from an out of state owner who relied on 3rd party property management. Typically, 3rd party property management companies do not have the same economic incentives as the ownership. They had run Pine Lake to the ground. Our business plan was laid out for us: bring in new staff with a fresh mindset and renovate the units.

Execution

By the time we acquired this property, we had a strong in-house property management and renovation team. We executed the same renovations as we did on a prior successful deal. We were able to achieve higher rents than proforma rents. We were able to refinance this property and by the 28th month, we had returned 90% of the equity back to investors!