Results for ‘Development’ category

When to start lease-up on a rehabbed building?

Here’s a question we wrestle with all the time: When should lease-up begin? You’d think this would have an easy answer: When construction is done. But you’d be wrong. Usually, buildings are “showable” (eg look pretty close to complete) 2-4 weeks before the construction is actually done. And, after carrying the building with no cashflow

One lesson from our foray into ground-up construction

We’re closing today on what will become either our second or third ground-up project (depending on how you want to count this one). In going through the design / permitting process, I’ve already learned¬†a pretty valuable lesson, which I’ll share here. I always wondered why investors wanted to see a higher pro forma yield on

We’re a little bit different

Had an interesting tour yesterday of a building we probably won’t buy. The reason it was interesting is that we were reminded, yet again, of how differently we look at acquisition targets. The broker began to give us a whole spiel about how many of the units had been renovated, what the rents were, how

Update on 830-832 N Beaudry

Today, we’re putting the finishing touches on 830-832 Beaudry, a 7 unit building we renovated through Adaptive Realty Fund 3. This project ran into some hurdles and was delayed approximately three months past its scheduled completion date. Some of the delay was unavoidable, but most of it was the contractor failing to supply sufficient labor

How Highland Park got so many non-rent control buildings

Met with a guy yesterday who participated in the Highland Park building boom of the 1980s and early 1990s. Apparently deals worked like this: You would buy a piece of land for cash. Next, you would get the bank to appraise the land for a lot more than you paid for it. Then, the bank

Page 1 of 5112345...102030...Last »