16 Units & 1 Laundromat – Joint Venture Q4 2017 – Expected ROI: 12%
Sullivan Communities acquired controlling interest in Swan Lake Apartments, located in Swan Lake, NY. The complex consist of 16 units. 2 – 3 BRs, 6 – 2 BRs and 8 – 1 BRs apartments, housed within 2 buildings.
Initial analysis highlighted inconsistent cash flow. Final analysis uncovered 70% of units non-operational. All furnaces, exterior and common area had significant deferred maintenance requiring immediate updating.
Prior to investing, Sullivan Communities provided the owner:
- Agreed upon 2022 sale price (provided by the seller)
- Sullivan Communities’ Capital Investment Schedule
- Detailed tenant management / legal plan
- Marketing plan (Property Website, Social Media and Print)
- Rehabilitation schedule
- On-track to be stabilized by End of 2018
- Implementation of technology platforms for marketing and tenant management