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Case Study

Kirby Road

Multi-Family Redevelopment

Acquired in late 2019 and repositioned through comprehensive redevelopment and disciplined operational execution — delivering full capital return within 20 months.

  • Location
    Saratoga Springs, NY
  • Acquisition Date
    2019
  • Purchase Price
    $1.25 Million
  • Total Project Cost
    $2.5 Million
  • Present Value
    $4.35 Million
  • Equity Created
    $1.85 Million

Investor Outcomes
2.75x Equity Multiple
100% Capital Return
∞ Cash-on-
Cash
Opportunity

01

An Underperforming Asset with Measurable Upside

Kirby Road was acquired as an underperforming multifamily asset with deferred capital improvements and operational inefficiencies limiting income potential.

Rather than pursue incremental upgrades, we identified an opportunity for full redevelopment and repositioning to unlock measurable long-term value.

  • Clear operational upside
  • Renovation-driven rent growth potential
  • Defined stabilization pathway
  • Strong refinance positioning upon completion

Exterior

Exterior Rendering

Kitchen

Kitchen Rendering

Bathroom

Bedroom Rendering

Living Room Rendering

    Floor & Building Plans

    The Strategy

    02

    Structured Redevelopment Across Four Pillars

    Rather than pursue phased upgrades, we executed a full redevelopment strategy designed to maximize long-term asset value and deliver measurable investor outcomes.

    Strategic
    Vacancy

    A structured cash-for-keys approach fully vacated the property, enabling comprehensive redevelopment rather than phased improvements.

    Operational
    Reset

    Post-renovation stabilization through disciplined leasing, expense oversight, and structured performance tracking.

    Capital
    Improvement Plan

    A full renovation scope was executed across all units and common areas to reposition the property competitively within its submarket.

    Refinance
    Strategy

    Following stabilization, a refinance was executed to return investor capital while retaining long-term equity participation.

    Execution

    03

    Disciplined Through Disruption

    Shortly after acquisition, the onset of the COVID-19 pandemic introduced operational and construction constraints that required real-time adaptation.

    Construction schedules were adapted to comply with health protocols while maintaining redevelopment scope and underwriting discipline. Completion was achieved in early 2021 without compromising execution standards.

    Before & After

    The Transformation

    Drag to compare the property before acquisition and after redevelopment.

    Kirby Road Exterior - Before Kirby Road Exterior - After
    Kirby Road Interior - Kitchen - Before Kirby Road Interior - Kitchen - After
    Kirby Road Bathroom - Before Kirby Road Bathroom - After
    The Results

    04

    $1.85M in Equity Created

    Upon stabilization, the property was valued at $4.35 million — representing $1.85 million in equity creation against a total project cost of $2.5 million.

    • 100% of capital returned within 20 months
    • Infinite cash-on-cash position following refinance
    • 2.75x equity multiple to date

    The project demonstrates our structured approach to acquisition, redevelopment, stabilization, and capital recycling.

    The Interior
    Renovation-Driven Repositioning, Unit by Unit
    • Kitchen
    • Bathroom
    • Livingroom
    • Bedroom

    Kitchen

    Each unit features a fully renovated kitchen with stainless appliances, modern cabinetry, and quality finishes — designed to attract and retain quality long-term tenants and support premium rental positioning within the submarket.

    Bathroom

    Each bathroom was fully gutted and rebuilt with clean, contemporary finishes — new tile, updated fixtures, and modern vanities designed to meet tenant expectations and support premium rental positioning.

    Living Room

    Open, light-filled living spaces were redesigned to maximize functionality and appeal — creating an environment that attracts quality long-term tenants and reduces vacancy exposure.

    Bedroom

    Bedrooms were updated with fresh finishes, quality flooring, and thoughtful layouts — balancing tenant comfort with the durability required for long-term asset performance.

    Investor Impact

    05

    Capital Preserved. Upside Retained.

    Through disciplined execution and a structured refinance strategy, investors achieved full capital return while retaining equity exposure to the asset’s long-term performance.

    Preserved capital. Ongoing upside participation. Structured value creation.
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