5th Ave Apartments

Our first value-add multifamily acquisition, completed in November 2022, was purchased off-market and offered strong upside potential. The building was well constructed and well maintained, with major capital items—including windows, roof, and boiler—replaced just a few years prior to acquisition.

With under $100,000 in targeted renovations, we increased the property’s value by more than $400,000.

Financial Snapshot

Purchase Price - $655,000

Capital Raised - $370,000

Renovation Budget - $85,000

Refinance Valuation - $1,085,000

Annualized ROI - INFINITE – capital was repaid upon refinance

Investor Capital Returned - 100% 

Investment Highlights

  • Acquired off market

  • Renovated 5 of the 6 units

  • Improved NOI by 63% within 22 months

  • Executed refinance returning 100% of investor capital

 At a Glance

Location - Medicine Hat, AB

Acquisition Date - January 2023

Property Type - Multifamily – 8 Units

Strategy - Value-Add / BRRRRR

Hold Period - 5+ years

Status - Refinanced

This was a straightforward renovation project involving five units. Scope of work included complete updates to kitchens and bathrooms, along with new doors, flooring, trim, lighting, and fresh paint throughout. The project also included the installation of new dishwashers and the addition of building-wide Wi-Fi access.

The common areas, structure and mechanicals were already in great condition.

Before/After Gallery

Hallway

Living Room

Kitchen

Bathroom

  • "Project was on time and budget, exceeding projections. I will continue with Craig and Amber without hesitation."

    Investor, 5th Ave Apartments