Updated 11 months ago on . Most recent reply
Ravine Apartments Redevelopment
Investment Info:
Large multi-family (5+ units) commercial investment investment.
Purchase price: $1,000,000
Ravine Apartments
We purchased, Silvertree Apartments in 2022 which was a run down 20% occupied apartment complex that was an eye sore for the city of Silverton (suburb of Cincinnati). The Prosper Construction team redeveloped this building back to it's original glory. We gutted the interior down to the cinder blocks, re-designed the unit layout to fit a more modern lifestyle. From beginning to finish, this project took us 16 months and were 100% leased within 30 days.
What made you interested in investing in this type of deal?
Off-market opportunity that we were purchasing 50% below market rate
How did you find this deal and how did you negotiate it?
Off market
How did you finance this deal?
Regional bank financing with a construction loan
How did you add value to the deal?
We rebuilt this property from the cinder blocks
What was the outcome?
A beautiful, redeveloped apartment complex that is affordable to the community with A+ finishes
