Legends On Storey
Legends on Storey Lane is our team’s passion project. We came across this property directly in communications with the seller through our outbound networking efforts. Their main comment about the property is that they are non-profit owners, and really not in the real estate game. They thought it would be beneficial to own the property long term, but after problem after problem with property managers not communicating, general contractors walking out on them, and struggling to find good tenants, they threw their hands up and were thankful we were able to take it off their hands “As Is”. We were able to purchase it 40% below what comparable properties in the area were trading for. By installing new fencing, lighting, signage, painting custom murals, and spend about $17,000/unit in upgrades to be able to increase the rents from $900/month up to $1,495/month across 12 units, raising the value of the property by $900k on a 6.0% cap rate valuation.