It's Time!

My friend Neil was working hard to find us Real Estate deals during an uncertain period of time. Covid had taken over our way of life and social interaction would never be the same. Fortunately, social interactions normalized as things evolved for the better.

Property owners reconciled historical rent growth and massive government regulation as the economy abruptly shut down and slowly reopened over a 2+ year period of time.

Our network took advantage of opportunities Neil presented in a “strange, but competitive” time. Sellers were taking advantage of “top of the market” prices as investors “bet” that apartments were a “growing commodity.”

We had purchased (4) properties in 2021 and the momentum in the apartment business continued!

We purchased a 15-unit property at 61 Vandenburgh Ave in Troy, NY across from the Hudson Valley Community College. At this point, I was seeking larger multifamily properties outside of the inner cities. Neil presented the opportunity and it was clear I had to check it out.

I visited the property with the Rent Roll in hand. After the property manager showed me through a few apartments, explaining the apartments had identical floor plans and recent improvements.

I was excited!!!! The rents were clearly under market!

The property checked off all of the “buying criteria” I had used for many years. Fortunately, this part of town is adjacent to recent, substantial commercial growth and has a town of North Greenbush “feel” to it. (neighboring town)

The location is great, it’s situated in a desirable location with it’s parking lot access adjacent to a nice, 1 family subdivision. The 950 square foot floor plans flow well consisting of large bedrooms, large closets, large living room and an eat in kitchen. The majority of the apartments had hardwood floors and had been upgraded with newer kitchen cabinets and granite countertops!

Over the past 2+ years, many of the bathrooms have been remodeled, common areas improved, exterior upgrades included removing 8 huge trees, a parking lot makeover, and a beautiful hardscape patio.

The revenue has increased substantially, but there is a lot of room to grow!

We are excited to offer 61 Vandenburgh Ave as an “off market” opportunity!

Please contact me for further details.

Regards,

Bill

REAL ESTATE LINGO:

Rent roll – List of current tenants including rent amount, lease expirations, security deposit amounts, outstanding balances, and how long a tenant has resided in their rental unit.

Buying criteria – The attributes a property must have to make a confident buying decision.