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Apartments > 24-26 Novak

Background

Novak was a nice tuck-in acquisition for us and its proximity to our other properties increased the overall appeal. This has proven a classic workforce housing deal. Its mom-and-pop owners under-managed the building, as evidenced by widely varying rents and easily fixed disrepair. The site already had individually-metered utilities, so we didn’t assume any service volatility exposure.

Story

The team has executed well on Novak, turning the units faster than anticipated and at higher rents. Unit renovations include standard kitchen upgrades, furnishings and all new carpeting, as well as adding A/C and converting from electric to gas-fired hot water. Exterior work included landscaping, exterior walls, cameras and general curb appeal.

Highlights

Location24-26 Novak
City & StateNorwalk, CT
# of Units6
Year Purchased2015