Luxury Multifamily Renovation on the Main Line in PA

[Christopher Lombardi]

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $750,000

Cash invested: $1,200,000

Luxury Apartments in Downtown Radnor PA. We renovated the existing structure and added an addition with more apartments and garages.

What made you interested in investing in this type of deal?

It was a great value add play. Located in the heart of the main line in one of the most expensive neighborhoods in Pennsylvania. This property was run down and abandoned and was turned into a building that adds tons of value to the neighborhood and to the town.

How did you find this deal and how did you negotiate it?

We made an offer within 1 hour of it hitting the market.

How did you finance this deal?

Cash for the purchase, construction loan for the rehab.

What was the outcome?

One of the nicest rentals in town, averaging $3,600 per month for a 2 bedroom apartment.