Date post: | 16-Apr-2017 |
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Real Estate |
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Rho – Orion Investments Inc.Windsor Portfolio
Windsor, Ontario 2008• Recession • High Vacancy Rates• Low Real Estate Values
Bennett Apts.2191 Ontario St purchased from Croatian CU for $430k
After• $256,000 spent in renovations to date.• New boiler, brick pointing, drainage, • Landscaping, 17 suites renovated, • New laundry room, security cameras, • New roof.Reappraised @ $720K in 2010Refinanced in 2010Refinance in 2015
Before What isn’t broken in this picture?
And it was tenanted when we bought it!
Every job begins with the dumpsters and bleach, lots of bleach!
There’s a laundry room under all this rubble.
Renovated suites
Maple Glen Apts.February 2010 $1.770m 48 Suites
$565,000.00 in renovations over three years.28 units renovated, refurbished all common areas, security cameras, replaced domestic hot water lines, replaced lights, toilets and faucets with energy efficient units.Added 96 (26Mega watt) Ontario Hydro Micro-Fit Solar Panels on a 20 yr. contract 2012
This is a marketing plan that does not work!
There’s always a broken lounge chair beside the dumpster!
Before and After
We had to get rid of the racoons first!
48 Strata Titled, Renovated Units
The Royal Windsor Apts.
• June 2010
Purchased July 2010 for $1.755m 66 suites
BeforeYes. That is what you think it is.
More Before• 60% Vacancy, $720,000 Spent in
repairs over three years. New boiler, traps, valves, 14 security cameras, 41 suites renovated improved lighting, elevator service, energy efficient refits.
After
More after
More After
The Garden Court Apts. 280 Erie St.Purchased May 2012 for $775k 33 suites
BeforeAs you can see these were tenanted suites. Appalling lack of respect and decency. This mgmt. co. is still in business. I can give you their card if you’d like…
After
$230,000 Spent in renovations
Garden Court Apts Complete 2014Substantially repaired all suites, washrooms, plumbing supply lines, boiler, refinished hardwood floors, and common areas.
Sonnet Apts.July 2012 for $1.2m 46 suites 2 separately titled propertiesStratafiable (in process)
$265,000 spent in renovations, 37 units reno’d, new enterphone, locks, doors, cameras, exterior lighting, landscaping, and we have just started here.
Before46 units, 30% vacancy, sashless windows, dirty, broken and losing money!
After11 Units renovated to condo quality, all units substantially upgraded with new windows, bathrooms, baseboard heaters, windows, appliances, blinds and substantial exterior renovations, landscaping, perimeter fencing, enterphones, mailboxes, security lighting and upgraded locks through-out. $345,000.00 spent to date.
AFTER
purchased July 2014 for $525kThe Maples Apartments
After21 One bedroom units, 1 duplex on 2
separately titled lots with a storage garage.
22 “Lipstick” renos, new boiler, refurbished common areas, cameras, mailboxes, fire safety equipment, enterphone, and common area upgrades. $221,000 to date. 4 vacancies.
Ask me about this pink door at The Sonnet Apartments when we meet and I will tell you how we get our great results.