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15 Upland Road , Cambridge, MA

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

  • Purchased multi-family apartment building in May 1999 for $154 per square foot
  • Converted building to condominiums in 2000 and sold 16% of units that year
  • Rented balance of units thru spring of 2001
  • Achieved rents of $2500 per month, or $3.03 per square foot per month
  • Sold balance of units by April 2001 for an average price of $328,500, or $348 per square foot
  • Realized IRR of 41%

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