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Pendleton Heights Apartments was a dilapidated mid-1960s 18-unit apartment building. We purchased the property 6 months after Gladstone for $535k and immediately began a full renovation of all unit interiors as well as decks, stairs, lighting and paint. Our renovations estimate was $550k, though we set a $600k budget. We completed the project $40k under budget and 6 months faster than Gladstone. Rents were $650-$735/mth at acquisition. The property is now 100% occupied with tenants paying $885 +$65/mth. We received multiple offers in 2020 at $1.65M and decided to take the property to permanent debt, performed a cash out refinance and will continue to cashflow.
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