Portfolio / 5th Ave Apartments
5th Ave Apartments
Our first value-add multifamily acquisition, purchased off-market with strong upside. The building was well constructed and well maintained, with major capital items — windows, roof, and boiler — replaced only a few years before we bought it. With under $100,000 in targeted renovations, we increased the property's value by more than $400,000.
- Location
- Medicine Hat, AB
- Units
- 6
- Acquired
- January 2023
- Status
- Refinanced — held
The project
What we did
A straightforward renovation project across five units: complete updates to kitchens and bathrooms, with new doors, flooring, trim, lighting, and fresh paint throughout. The common areas, structure, and mechanical systems were already in excellent condition — which is exactly why we bought it.
- Acquired off-market
- Renovated five units — kitchens, bathrooms, doors, flooring, trim, lighting, and paint
- Added new dishwashers and building-wide tenant Wi-Fi
- Improved net operating income by 63% within 22 months
- Refinance returned 100% of investor capital
Results
- Invested in renovations
- < $100K
- Value created
- $400K+
- NOI improvement
- +63%
- Investor capital returned
- 100%
Before & after
Drag to see the difference
Gallery
Around the building
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