This project involved an 8-unit complex and an additional one-acre of undeveloped land. Our aim was to renovate four of the existing units and pursue entitlements for the remaining land to construct an additional 30 units. Through these renovations, we could offer superior housing to our tenants and subsequently increase rent by approximately $300 to $400 per unit.

However, prior to the start pf the ground-up development, our team received an offer on the property, resulting in a 2.36x return for our investors. By employing effective asset management strategies, such as implementing RUBS and pet rent, REV was able to improve the property significantly. Although our initial plan was to build on the entitled land, we ultimately decided to sell the entire multifamily complex and the land for more than twice what we had paid for it 14 months prior, leveraging the proceeds towards our next project.