NATIVE LANDS APT.
The Native Land apartments were built back in 1949. We acquired them in 2016 in an extremely depressed condition. The whole apartment complex had been abandoned by the owner with the utilities left on. This left the doors wide open for squatters to take over. There was a lot of drug dealing and illegal business taking place here to put it nicely, It was a cancer on the neighborhood. It took us over a year to fix up the two “U” shaped apartment buildings. We didn’t want to come in, fix everything up, and push out a fabric of the community by pricing them out of the rental market. We decided to fix both of them up but strategically pick out finishes on one of the complexes that were durable yet allowed us the lease the units out to families in the 50% of area median income. With this strategy, we were not able to reach our typical ROI but we are lucky enough to be able to play the long game on this project.