Prospect/ Olney Street
Avance's first syndicated property. The property was originally underwritten assuming we would have eighteen bedrooms, but two months after closing the zoning laws were changed, allowing us to have a total bed count of thirty. This was a huge win for the first syndication.
Before & After
The opportunity for the equity investor was supported by the in-place cash flow and the upside in market value, which was driven by a planned $500,000 capital improvement renovation plan after acquisition. Improvements upgraded curb appeal and exterior appearance, as well as interior comforts and conveniences. These upgrades delivered value and increased monthly rental rates now that the property has stabilized.