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Some serious $$ to be made in NBR... Apartments sold for $15.5m after $3.8m upgrade
Posted on 1/23/19 at 11:13 am
Posted on 1/23/19 at 11:13 am
quote:
A private equity group has sold a 328-unit apartment complex in north Baton Rouge for $15.5 million after rehabbing the property.
Elevation Financial Group said it bought the Serenity Apartments, near North Ardenwood Drive and Renoir Avenue, for $4 million in August 2016. At that time, half the apartments were "uninhabitable" and the grounds were in "complete disrepair," even though the property didn't flood.
The firm spent $3.8 million on restoring the property. More than 160 units were restored and occupancy has risen from less than 50 percent to 95 percent, Elevation said in a news release. Rents average $680 per unit.
$4.0 million purchase price in August of 2016
$3.8 million to update
$7.8 million investment
29 months after initial purchase, flip it for $15.5 million for a nice $7.7 million profit
LINK
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Posted on 1/23/19 at 11:14 am to SPEEDY
Gud afthanoon
Posted on 1/23/19 at 11:15 am to SPEEDY
quote:
At that time, half the apartments were "uninhabitable" and the grounds were in "complete disrepair,"
Ok... how long before the property gets back to this condition?
Posted on 1/23/19 at 11:15 am to SPEEDY
Looking for that long term HUD money
Posted on 1/23/19 at 11:15 am to SPEEDY
Wakanda will be here soon. 
Posted on 1/23/19 at 11:16 am to SPEEDY
Posted on 1/23/19 at 11:16 am to BurningHeart
hopefully real soon
then flip again
then flip again
Posted on 1/23/19 at 11:16 am to SPEEDY
Dat gubment money doe. 
Posted on 1/23/19 at 11:16 am to SPEEDY
i smell something foul about this.
Posted on 1/23/19 at 11:16 am to SPEEDY
Yeah I was hoping to make a little more but construction cost with the flood got in the way and we had a couple accidents that we had to deal with. Otherwise it was a nice go at one my midsize projects.
Posted on 1/23/19 at 11:17 am to BurningHeart
quote:
Ok... how long before the property gets back to this condition?
3.50 Years
Posted on 1/23/19 at 11:17 am to BurningHeart
quote:
Ok... how long before the property gets back to this condition?
That’s why you flip it instantly after repairs to some halfwit out of state buyer who flew in once to do a walk through.
Posted on 1/23/19 at 11:18 am to SPEEDY
That’s a hell of a huge investment for a bunch of apartments in or near Mall City.
Posted on 1/23/19 at 11:18 am to BurningHeart
quote:
Ok... how long before the property gets back to this condition?
Elevation Financial Group doesnt give a frick
Posted on 1/23/19 at 11:18 am to rowbear1922
I’ll take the under on that.
New owners will try to evict a non paying tenant and will see a coincidental fire shortly afterward.
New owners will try to evict a non paying tenant and will see a coincidental fire shortly afterward.
Posted on 1/23/19 at 11:20 am to beerJeep
I still don’t understand how indigo park came to be. I mean, yes the casino is there now but so is gardere and the sewage treatment plant. And I *think* I heard the new place built on top of it will be tax credit.
Posted on 1/23/19 at 11:21 am to SPEEDY
Sec 8 is guaranteed $$$$
Posted on 1/23/19 at 11:22 am to teke184
quote:
I’ll take the under on that.
3.50 Months is probably more accurate.
Posted on 1/23/19 at 11:23 am to Aspercel
quote:
I still don’t understand how indigo park came to be. I mean, yes the casino is there now but so is gardere and the sewage treatment plant. And I *think* I heard the new place built on top of it will be tax credit.
Buddy of mine used to live there and we continued to go to the pool after he moved out. It WAS a decent place when it first opened. I turned around there a few weeks ago. Ohhhh how it's changed.
Posted on 1/23/19 at 11:25 am to SPEEDY
Shhhh
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