Pinebrook Condo Revitalization

[Thomas Williams]

Investment Info:

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

Purchase price: $400,000
Cash invested: $3,500,000

Real Estate revitalization project of 40,000 SQFT Brick Three Story building into 23 Condo Townhouses/Apartments.

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

This was to establish generation Real Estate for our family.

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

Property was an old Junior Religious College with multiple houses and out buildings that closed and needed to sell.

How did you finance this deal?

Local Lender American Bank

How did you add value to the deal?

Tearing down old brick building and constructing new high end Condo Townhouses and Apartments.

What was the outcome?

Property took multiple years of development due to Sewer Restrictions. Finally constructed in 2015 and leased in 2016. Flag ship property for our family and Company.

Lessons learned? Challenges?

Sometimes value need to take time before being realized.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

American Bank financed this project.