Residential properties in the East Boston Neighborhood of Boston. They were identified due to their proximity to city backed development projects, and strong growth potential spurred by the Big Dig highway reconstruction project which improved neighborhood access to the Boston Financial District. Today, many large scale projects are in the works, and many have been completed. The neighborhood has experienced significant growth, and the properties have provided strong returns through a full market cycle. We are currently converting the properties to condominiums and will reinvestment the proceeds in other emerging markets.
This 5 unit property located in Salem MA was purchased in late 2016. Salem was identified as a growth market that was benefiting from Bostons's rent growth, yet with more favorable pricing. The property was purchased, and a repositioning plan was implemented that improved management and completed targeted renovations. The NOI was increased by 40% over a two year period and the property was sold in early 2019 for an annualized rate of return on equity of greater than 60%
EAST BOSTON, MA
This 44 unit multifamily property was purchased below market value in late 2018. Athens GA was choses due to it's large population and job growth. Athens recently jumped 34 spots to number 8 on the Milken Institute's annual Best Small Cites report 2018. After acquiring the property, we changed the property management, and are implementing a value add plan that involves the staged renovation of every unit over a two year period. The expected hold period for this property is 5 years.
This 24 unit multifamily property was purchased below market value in late 2019. Tallahassee Florida was choses due to it's job and population growth as well as the stability associated with the government and education jobs in the area. Tallahassee jumped 35 spots in the Milken Best Performing Cities report, which is a strong indication of Metropolitan Area health. After acquiring the property, we changed the property management, and are implementing a value add plan that involves exterior CAPEX and the staged renovation of the unit interiors over a two year period. The expected hold period for this property is 8 years with strong cash flow, and above average returns.
This 67-unit multifamily class C property built in 1975 was purchased well below market value in 2019. The property has not had any significant upgrades since construction. Upon acquisition, a new property manager was put in place and extensive CAPEX and value add plan were implemented The expected hold period for this property is 5 years with strong cash flow, and above average projected investor returns. www.brandychaseapts.com