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Background

ERP sourced this opportunity off-market. The previous owner had purchased the property as a passive investment without professional management and had been renting units below market.

The property consisted of six 1-bedroom free market units convertible to 2-bedroom apartments to achieve higher rents.

Located in the South Park Slope neighborhood of Brooklyn, near the Southwest boundary of Prospect Park.

Business Plan

Made minor renovations as leases expired and units became vacant.

Increased rents to market rates as 2-bedroom units by the end of the first year to reflect the full value of the location.

Current Status

ERP held this property for two years and sold its interests in the property.

Past performance is not necessarily indicative of future results and future results may differ materially from historical results. Please click here for important disclosures regarding the information presented in this web site.

Deal Stats
Acquisition Date September 2011
Completion Date December 2013
Location Park Slope, Brooklyn
Total Units 6
Gross SF 3,750