This 32-unit apartment building was purchased for $3.5M with an average rent of approx. $650 per unit. We offered the existing tenants an upgrade package including in-suite laundry, new doors and windows and signed 27 new leases, which allowed us to increase rents to an average of $950. At completion of this phase of the project, we embarked on phase 2, where we fully renovated the units. Upon completion, we stabilized the building at an average rent of $1225/mo. Today, new tenants rent units at $1,450 per unit, providing a present market value of $7.4M.