Gray Property Group has completed its renovation and re-tenanting of 8 townhouses at Bayberry Green Apartments in Epping. These 2-bed, 1-bath, 980 SF units received stainless steel appliances, white kitchen cabinets, a combination of laminate and vinyl plank flooring, in-unit washer/dryer sets, and walk-in bedroom closets. White vinyl privacy fencing will be erected on the back patios in the Spring. The 4-month project, which totaled just over $1.0M between purchase and renovation, has resulted in 8 beautiful units with average rents just over $1,850/month. With scheduled gross income pushed to $178K/year and projected net operating income increased to over $110K/year, the Property now appraises in excess of $1.35M. A cash-out refinance has paid off all investors in full with a 25% annualized capital gain. Even with new debt service levels, cash flow will exceed $50K/year going forward. Click here for a property tour and apartment walk-through. Gray Property Group is now in search of new multi-family projects ranging in size from 10 to 30 units. If you know of an opportunity or are interested in investing with us as a limited partner, please email Nick Gray at ngray@graypropertygroup.com or call us at (603) 637-4812.

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