Borror Properties purchased a note from the bank for a condominium project near New Albany, OH that was half built and empty.
The 12 units were in various stages of construction (all through drywall), along with four pads for 12 future units. We cleaned up the exterior, changed the shutter colors, added patio fencing and enhanced the landscaping. There was also a mold issue that we had professionally remediated.
Upon completion, all 12 units were successfully rented for a 12 month leases, with multiple lease renewals for the following year. The unit has maintained a 95 percent occupancy rate for over four years. The community is cash flow positive and is now available for purchase.
Borror Properties is a commercial real estate brokerage in the Columbus area.