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.
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.
ERP held this property for two years and sold its interests in the property.
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|Acquisition Date||September 2011|
|Completion Date||December 2013|
|Location||Park Slope, Brooklyn|