572 Stuyvesant Avenue
- Location: Stuyvesant Corridor, Irvington, NJ
- Style: Two-Story Garden Apartment
- Acquired: 4Q17
- Value-Add Reposition
- We acquired this asset from an owner who had let the property fall into disrepair and was being taken advantage of by tenancy as well as his staff. There were tremendous amounts of deferred maintenance, and rents were lower than market on a weighted average basis north of 25%. We sprung into action immediately, removing non-paying tenants from the property, remediating deferred maintenance and upgrading units, and ultimately retenanting 30% of the property at market rents. In less than six months after takeover, the rent roll has improved dramatically, and the valuation of the property is up almost 10% from purchase. We will continue to work to turn the remainder of the property over the life of the investment, adding to the aggregation value for our investors in the Irvington submarket.