A 10-unit multifamily property, purchased in an off-market transaction from a local developer. While the building had undergone prior renovations, additional structural improvements were necessary, including masonry repointing, siding repairs, and mechanical system updates.
Acquired 5/26/2023 for $1,800,000, this project was structured around a pre-stabilization acquisition strategy, ensuring the purchase price aligned with lease-up performance. A five-year tax stabilization agreement provided additional financial upside. The addition of in-unit washer/dryers further increased rental value and convenience for tenants. Leasing strategies focused on attracting professionals looking for a well-maintained and accessible place to live.
Acquired at $180K per door, well below replacement cost, the property benefits from downtown Bristol’s economic growth and its appeal to professionals working in nearby medical and corporate sectors. The investment strategy was aligned with a broader High Street portfolio to streamline operational efficiencies and long-term asset value.
