Apologies for the long gap in posts. As you will see in a moment, it’s been a busy run-up to the holidays for us here at Adaptive.
On Friday, we closed on the sale of 1947 Clinton St., the fourplex we bought in October of 2012, renovated, and put on the market right at the end of October 2013.
It was not our intention to sell the property when we renovated it; indeed, the yield we were getting on the funds invested was extraordinarily attractive.
But, like any rational owner, we had a price and, a few weeks ago, we found an aggressive investor willing to pay it. The deal closed on Friday at $1.57MM, with $20k held back as a credit for a few upgrades the owner intends to make.
This was the first building we renovated through the first investment fund raised by Adaptive. For that reason, it will always hold a very important place in our hearts. So, we’re sad to see it go.
That said, we’re excited for the new owners and excited to either return proceeds to our investors or, if we can find another great deal to do, buy something else.