Urban 188 is an 188-unit multifamily property acquired in Q4 2015 as a value-add investment opportunity. The project focused on repositioning and improving the property through a comprehensive rehabilitation program that was completed in approximately 18 months.

The total acquisition and rehabilitation investment was approximately $9 million, including a $2 million rehabilitation budget allocated across key property improvements such as general interiors and exteriors, carpet and tile replacement, appliances, plumbing, pool upgrades, landscaping, and HVAC systems.

The renovation strategy significantly improved the property’s overall quality and market positioning. As a result, stabilized occupancy increased to above 95% within 18 months, while the property’s Net Operating Income (NOI) increased by approximately 219% during the stabilization period.

The successful repositioning created substantial value for investors. By October 2018, the property was sold for $17 million, generating approximately 3.76x Return on Investment (ROI) for the investors.