cost of investing

$2,069,000

realized proceeds

$5,379,000

gross IRr

22%

the challenge

The property was high density, but not with students, and in rough condition. Its weathered plastic lattice-work begged for renewal. Thefts had occurred there. While located close to the university, it was not being marketed to students, young academics, and other university employees. Westland bought the property in 2014.

the solution

Westland performed major upgrades to the interiors. To the exterior, it added heavy gauge corrugated galvanized sheet metal to create an urban industrial feel. Marketing targeted university-related prospects.

the result

In 2018 owners were faced with the decision of whether to sell or continue to hold the asset. A decision to refinance the property was made. Based on an appraisal done for the refinance, the estimated amount of equity in the property was in excess of $5.8 million