Acquisition Date: 9/2018
Acquisition Price: $1,615,000
Sale Date: 5/2021
Sale Price $2,750,000
Monta Vista Court (formerly named Vincent Apartments) had previously been owned by the same owners for over 15 years. They had taken great care of the property; however, the interior was very dated and many of the units still had the original kitchens from 1978. The rents were also significantly below market rate. We were confident that with our GTG Properties’ signature interior renovation plan, we would be able to substantially increase rent and the overall value of this property.
GTG negotiated a great price for the property and immediately began a rebranding and renovation of the property. The name was changed to Monta Vista Court. The exterior work included new roofs for both buildings as well as siding repairs. The landscaping was improved, and the office and shared laundry room were both renovated. We executed a complete renovation of 7 units, which included adding washers and dryers in each unit. As a result, we were able to increase NOI by over 50%. In the spring of 2021, we listed the property, and after receiving multiple bids, we accepted an offer and sold the property in May, 2021 for $2,750,000.