3 Florence Street , Cambridge, MA

The project required extensive renovations on the exterior and interior of the building.

• Purchased multi-family apartment building in July 1997 for $96 per square foot
  
• Converted to condos in 1998
  
• Rented building throughout project
  
• Sold units in 1998 & 1998 for an average price of $242,000, or $186 per square foot
  
• Entire sellout by July 2004
  
• Realized IRR of 68%

Before

Living area

After

Kitchen

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