6/6/2017 The Triplex part of the project is complete and occupied!
The triplex part of the Project has been completed. We will be taking to market on 6/10/2017.The three units are tenanted and at a much higher price than we originally projected! This is great for the new Buyer!
Gerchick Real Estate assisted with the acquisition of a severely distressed Value Add 5 Unit complex. Prior to the closing, there were two different contractors consulted. While there were some of the work started and even completed; there is much to do. The Contractor has laid out a specific timeline and while they are in construction-feel free to check back often for updates both in video and pictures.
Update nearing completion of the first three units
This video was shot on 5/12/2017. At this time the final punch-out of the first three units was being completed. The Black Appliances will be delivered on 5/16/2017. The interior marketing pictures will be taken in the afternoon. The Property Manager has two possibly three tenants ready to move into the first three units. AT $750 per month for the one bedrooms! Well over what we had projected. The second building of two units will be moving faster. The new concrete was poured in the afternoon of the 12th.
We feel that we are going to be bringing to market at the end of the week. Due to the fast moving market-we feel that we can go to market and contract while the last two units are being completed.
The project needed to take a step back. The City required electrical drawings and different permits.
We are good now and the work is progressing really quickly.
As you can see from the video drywall is now done-taping and much more.
We are looking to tenant in about three weeks!
UPDATE Jan 2017 Work is progressing along quite well!
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