A CASE STUDY
Property Name:
Location:
# of units:
Marina Point Apartments
Chesapeake, VA
104
Purchase Price:
Purchase Date:
Reno Budget:
$9,250,000
March 25, 2020
~$550,000
Business Plan
Over the period of 36 months, our plan was to do extensive renovations to 60 unit interiors to bring rents up to market while also performing exterior upgrades including installing new roofs on 3 buildings, upgrading the landscaping, and adding dog parks.
Progress Video 1
Progress Video 2
THE RESULTS AFTER 22 MONTHS
Sold January 2022:
EQUITY MULTIPLE:
AVERAGE ANNUAL RETURN:
IRR (Internal Rate of Return):
TOTAL RETURN ON $100,000 INVESTMENT:
# OF UNITS RENOVATED:
AVG RENT INCREASE ACROSS ALL UNIT TYPES:
INCREASE IN AVG MONTHLY OPERATING INCOME:
INCREASE IN OCCUPANCY:
$14,125,000
1.87x in 22 months
47.45%
44.79%
$186,980
45 (3/4 of total planned)
+$136 ($938 to $1,074)
+$13,180.00
+8% (88% to 96%)
RENOVATION PICTURES
BEFORE
NEW DOG PARKS
UNIT INTERIOR RENOVATIONS
