Gray Property Group started 2023 strong, completing several ongoing building renovations from 2022 and placing a handful of properties under management.
In January, we completed the renovations of three apartments owned by a property management client at 283 East High Street in Manchester. That ~$100K project created three new quality apartments and boosted our client’s monthly income by $600/unit/month, earning our client a ~22% return on investment. Then, in February, we finished the renovation of three apartments at 84 Blodget Street, marking the end of a 15-unit purchase and rehab. Having purchased the 15-unit portfolio for $1.65M and renovated it for $450K, a $2.1M total project cost or $140K/unit, we re-positioned the portfolio to produce over $25K/month in revenue and deliver a 12% cash return. Most importantly, we advanced our mission of creating safe and quality apartment homes that are still affordable for the working middle class.
Gray Property Group also added 5 properties totaling 18 units to our management portfolio.
- 336 Lake Avenue – 9 units
- 54-56 Downing Street – 4 units
- 42 ½ Abbott Street – 2 units
- 823 Chestnut Street – 2 units
- 5 Euclid Avenue – House
