We’re very pleased to announce (belatedly!) the sale of 1012 N Virgil, a 4plex renovated by Adaptive Realty through our first investment fund.
Here are the numbers:
- Purchased for $427,000 in November of 2012
- Renovated for $380,000
- Rent roll upon completion of $111,000
- Approx. $40,000 in cash collected prior to sale
- Sold for $1,274,000 at the end of March 2014
If you do the numbers, you’ll find this was an approx. 50% ROI deal. No the absolute best we’ve ever done, but pretty close!
The new owners are experienced investors with whom we have a very good relationship. We’re going to be managing the building going forward and we expect that the new owners will generate very attractive returns from cashflow, particularly given the cheap leverage to which they had access.