This 20-unit apartment building comprised of 1- and 2-bedroom units was averaging monthly rents of $699 per unit. We acquired the property for 2.79M and embarked on planned renovations. Changes in RTB legislation forced a pivot in strategy where we developed a tenant improvement program where residents were offered unit upgrades in exchange for increased rents. Top Down Investments acquired, renovated, and stabilized the asset bringing the average rent up to $1,313 per unit. The refinanced and stabilized building now produces a healthy income and a new value total value of $6.6M.