Greenwood Apartments on Lakeshore Blvd.
This four building complex was purchased by BruZiv Partners on 3/29/12. The rehab was completed in the Summer of 2012 and included such items as upgrading the curb appeal with new landscaping, replacing all seven hundred (700) windows, repairing and preparing all vacant units for lease, etc.
The turnaround plan included the following action items:
- Purchase “right” and securing financing with favorable terms.
- Rehabbing and preparing all vacant units for lease. That was achieved in less than a month following the closing of the transaction.
- Completed the planned rehab that significantly increased the property’s value, while attracting great tenants.
- Leasing out all vacant units by the end of the summer, while exceeding pro forma financial projections.
- Achieved a high net return on investment, exceeding industry standards.