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SUMMARY
PURCHASE PRICE: $2,055,000
REHAB COST: $400,000
NOI: $263,000
CURRENT VALUE: $4,200,000
STRATEGY
ARP was introduced to the owner of three 6-unit properties and 3 condo units in the same complex in La Grange. ARP purchased the 21 units and embarked on major capital improvements. ARP subsequently purchased one additional condo. The owner was in financial distress, having not maintained the properties for a number of years and leaving them in a state of disrepair.ARP closed on the timeline that suited the seller’s needs. ARP increased net income by 50% post-improvements.
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