Asset Class:
Multifamily
Acquisition Date:
May 2015
Disposition Date:
July 2017
Location:
New York City, New York
Size:
41 Rent Stabilized Units
Linéaire Group entered into a joint venture with this asset’s owners in 2015 at a valuation of $12M. At the time, the building was suffering from poor management and deferred maintenance. The average rent for a unit was $985, despite comparable neighboring properties renting for well over $3,000. By appointing active management, implementing an aggressive marketing strategy, and making cosmetic improvements to the units, Linéaire Group increased rents by 57% over the holding period, which ultimately led to a sale of $17.1M in 2017.
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In two years, Linéaire Group increased rents by 57% by making minor cosmetic improvements and implementing an active management and marketing strategy.
