Garden Court Apartments features thirty two suites; a mix of one bedroom and studio apartments. All units have a 4 piece washroom, in-suite storage and a large kitchen with a refrigerator and stove. Tenant amenities include an on-site manager and laundry.
Structurally, the buildings are in very good shape, but the units and common
areas need some attention – primarily updating and cleaning. This attractive
building with a great downtown location and bright, spacious living units has hidden value that only needs professional management and some attention to details to bring out.
We were fortunate to raise $800,000 in private capital in less than a week and acquire this property at a price of under $25,000 per unit. Within the next 90 days, we:
- repaired and continue to maintain the building’s core systems
- stabilized the rent roll with safe, paying, and respectful residents
- eliminated the current vacancies with attractive, rentable, suites
- improved the overall cash flow with higher “at or above market” rents. These efforts allowed us to position for future refinancing and an equity take-out for all investors.