Is it really hard to find deals right now? Yes, it is. The market for income property continues to be very hot. And yet we just went into contract on a 12 unit with optimally-sized units and parking in a good location for ~$200 / sq ft. That’s a good deal now, but it also … Continue reading “Found another good one”
Blog
A great article about robo-cars
On Friday, had a funny discussion with our largest investor regarding the value of parking spaces. His joke was that, when I’ve got loads of parking, I tell him how valuable parking is, and when I’m under-parked, I start talking about Uber. I’m not admitting that’s true, but I did tell him that I think … Continue reading “A great article about robo-cars”
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 … Continue reading “We’re a little bit different”
Do you want to pay the price?
Every morning, when I’m leaving the gym, I ask myself one question: Did I pay the price? What I mean by that is: Did I put in the effort necessary to get the result I want? It’s kind of a gut check, just to see if I really tried or if, for whatever reason, I slacked. … Continue reading “Do you want to pay the price?”
Rethinking our marketing
We’re in the midst of totally rethinking how we market our vacancies. Up to now, we’ve done things on an ad hoc basis, with each leasing consultant handling her assigned vacancies however she thought fit. Now, we’ve got enough projects coming on line that we need to systematize what we’re doing. So, we’d like to speak … Continue reading “Rethinking our marketing”
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 … Continue reading “Update on 830-832 N Beaudry”
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 … Continue reading “How Highland Park got so many non-rent control buildings”
How to research asking rents on Craigslist
If you’re going to do multifamily projects, you need to know your target post-rehab rents. In our business, we rely heavily on proprietary information from our existing portfolio. Since almost all our units are renovated to a similar standard and all our buildings are clustered in a few areas, we have very granular information about … Continue reading “How to research asking rents on Craigslist”
3100 London is in lease-up
We’re just beginning leasing on 3100 London, the largest project ever undertaken by Adaptive. This one was a bear. Among other things, we upped the unit count from 24 to 27, totally reconfigured all the units, re-vamped most of the entrances, constructed private outdoor spaces for all the units and resolved a majorly painful situation … Continue reading “3100 London is in lease-up”
Some rehab pics
Visited a smaller building we bought three months ago. About six months from now, these are going to be six of the nicest three bed units around, though you certainly can’t tell from how they look now!