On to the next one! Gray Property Group is proud to announce that we have completed our renovation of a 15-unit scattered multifamily portfolio in Manchester:
- 68 Kenney Street – 6 units
- 84 Blodget Street – 5 units
- 185 Calef Road – 4 units
Nick Gray purchased this portfolio in May 2022 and, though most units were renovated last summer and fall, several of the units at 84 Blodget Street were delayed due to illegal tenant holdovers. Our property management team persevered through a difficult process of regaining possession of our building and we were pleased to see the final units renovated in January and February. Another challenge that impacted the timeline of all 15 apartments is the severe lack of skilled and reliable tradesmen.
Despite these hurdles, the project overall was a success! The apartment renovations turned out well and are now home to 15 new quality households. By transforming what were previously slums into safe and pleasant apartments that are still affordable for the working middle class, we have again furthered our mission of making Manchester a better place. Our investors are also happy with us. Having purchased the 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.
Gray Property Group is thankful to everyone who helped make this project a success: our in-house team, investors, and outside contractors alike!