The problem
A five-unit compound minutes from the best part of Santa Fe, built in the 1930s and 1960s and never properly updated, in a market with real supply constraints for high-end apartments. The scope scared buyers off. I could price the work, so I negotiated a reduction and bought at an attractive basis.
What I did
I gutted and upgraded it into some of the best apartments in the city, and it now earns among the highest rents in the area. It is a small deal, and every decision in it was mine: sourcing, financing, renovation, leasing, operations. I also converted one unit into one of the top performing short-term rentals in Santa Fe and set up the systems behind it.
The details
| Market | Santa Fe, New Mexico |
|---|---|
| Asset | 5-unit compound, built 1930s and 1960s |
| My role | Sourced, financed, renovated, operated |
| Result | Among the highest rents in Santa Fe |
| STR | One unit, top performing, full systems |
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