7 Florence Street, Cambridge, MA

• Purchased multi-unit apartment building in June 2002
• Operated the building as an apartment complex into 2003
• Resolved complex tenant issues during the project
• Began a complete gut rehab in February 2003
• Completed renovations in December 2003
• Obtained approvals to convert to condominiums in January 2004
• Closed escrow upon 2/3 of the building in April 2004
• Entire sellout anticipated in July, 2004 (all remaining units are
  under contract)

  Total Sales proceeds, $2.1 million
  Total Profit $600K
  ROI almost 100%

Building exterior before renovation




Exterior view from neighbor before renovation

Building exterior after renovation




Bedroom after renovation

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