THE
CHALLENGE
Pinkney Manor was JBL's first "unloved" apartment complex. It was purchased
from a slumlord that had allowed the building to deteriorate and had
developed adversarial relationships with most of the tenants. JBL paid
$530,000 for the building. Over a period of one year, all of the units
were renovated with capital from cash flow while "problem" tenants
were replaced with ones who were well qualified.
FINAL RESULT
After one year of operations, Pinkney Manor was completely renovated
and stabilized. Rents were increased by 43%. The property was then
sold for $825,000. |
|
