Skip to main content
Work in Progress

182 Excelsior Ave

Multi-Family Redevelopment

A 42-unit hybrid development — ground-up new construction, historic preservation, and condo conversion — on 2.49 acres one mile from downtown Saratoga Springs.

Please Note: The metrics reflect projected financials for The Ridge Apartments only and do not include figures for the condo portion of the project.

The Ridge Apartments
  • Location
    Saratoga Springs, NY
  • Acquisition Date
    2023
  • Purchase Price
    $1.35 Million
  • Total Project Cost
    $12 Million
  • Present Value
    $16.9 Million
  • Equity Created
    $4.9 Million

Projected Investor Outcomes
1.92x Equity Multiple
100% Capital Return
∞ Cash-on-
Cash
Opportunity

01

A Rare 2.49-Acre Infill Site in the Heart of Saratoga

182 Excelsior Avenue presented something rare — a 2.49-acre infill parcel one mile from Broadway in Saratoga Springs, anchored by a deteriorating 1883 Victorian farmhouse and carriage house sitting largely unused on land well below its potential. Green Springs acquired the site and saw an opportunity no one else had acted on.

Rather than demolish and start over, we designed a phased hybrid development — preserving and converting the historic structures while building an entirely new apartment community around them on the same site.

  • Backs up to Spring Run Nature Trail
  • Existing 1883 Victorian farmhouse and carriage house eligible for historic designation
  • Strong rental demand driven by Skidmore College, healthcare, and tourism
  • Projected rents in line with market average of $2,545/mo

Lawrence House

Carriage House

Aerial of 182 Excelsior Property Before

182 Excelsior Rendering

    Floor & Building Plans

    The Strategy

    02

    One Site. Three Development Phases.

    Each phase was designed to generate its own return while building toward a fully stabilized, income-producing community.

    182 Excelsior was structured as a phased hybrid development — combining ground-up new construction with historic preservation and condo conversion on a single subdivided parcel.

    Site Subdivision & Preparation

    The existing 2.49-acre parcel was divided into two lots. All site work, utilities, and infrastructure were completed to support both the new apartment construction and the historic building relocations.

    The Ridge: Ground-Up Apartments

    36 new construction apartment units built across 3-4 buildings on the larger parcel, featuring modern farmhouse interiors, private balconies or patios, EV charging, and direct access to the Spring Run Nature Trail.

    Carriage House: Condo Conversion

    The existing carriage house was relocated onto a new foundation and converted into 2 townhouse-style condominiums at 1,526 sq ft each, preserving the historic character of the structure while creating individually saleable assets.

    Lawrence House: Victorian Conversion

    The 1883 Victorian farmhouse is being converted into 4 condominium residences ranging from 986 to 1,535 sq ft — a complete transformation of a historically significant structure into market-rate residences.

    Currently in progress
    Execution

    03

    Ground-Up Construction Meets Historic Preservation

    182 Excelsior required coordinating two fundamentally different scopes simultaneously — ground-up construction of a 36-unit apartment community while executing the structural relocation and historic conversion of two 19th century buildings on the same site. Before breaking ground, Green Springs completed 12 independent site assessments covering environmental, archaeological, wetlands, geo-technical, and structural conditions.

    The development team included Balzer & Tuck Architecture, MJ Engineering, Guidarelli Construction, and Medici Associates for financing. Green Springs Capital oversaw the full scope with its in-house project management team, with Green Springs Property Management deploying at stabilization for long-term operations.

    Site Acquired
    Subdivision, site work, and utility preparation begin. 12 independent site assessments completed.
    The Ridge Complete
    36-unit apartment community completed. Carriage House conversion complete. Leasing commences across both.
    Full Stabilization
    Lawrence House completion and full campus stabilization. Long-term management by Green Springs Property Management.
    2023
    2023–
    2024
    2024–
    2025
    2025–
    2026
    2026+
    Construction Underway
    Ridge Apartment construction underway. Carriage House and Lawrence House relocated onto new foundations.
    Lawrence House Underway
    Full lease-up of apartment community underway. Lawrence House Victorian conversion in progress.
    2023
    Site Acquired
    Subdivision, site work, and utility preparation begin. 12 independent site assessments completed.
    2023–2024
    Construction Underway
    Ridge Apartment construction underway. Carriage House and Lawrence House relocated onto new foundations.
    2024–2025
    The Ridge Complete
    36-unit apartment community completed. Carriage House conversion complete. Leasing commences across both.
    2025–2026
    Lawrence House Underway
    Full lease-up of apartment community underway. Lawrence House Victorian conversion in progress.
    2026+
    Full Stabilization
    Lawrence House completion and full campus stabilization. Long-term management by Green Springs Property Management.
    Before & After

    The Transformation

    Drag to compare the property before acquisition and during redevelopment.

    Projected Results

    04

    $4.9M in Equity Created Across a 42-Unit Campus

    Against a total project cost of $12 million, 182 Excelsior is projected to stabilize at a value of $16.9 million — representing $4.9 million in equity creation. Investor capital has been fully returned at 100%, with an equity multiple of 1.92x to date as the project moves toward full stabilization.

    • 100% of capital returned
    • Infinite cash-on-cash position following refinance
    • 1.92x equity multiple to date
    • Strategic refinances planned every 4–7 years

    182 Excelsior demonstrates our ability to execute complex, multi-phase development — combining ground-up construction, historic preservation, and phased capital recycling on a single site.

    The Interior
    The Ridge: Designed New, Built to Compete
    • Kitchen
    • Bathroom
    • Livingroom
    • Bedroom

    Kitchen

    Modern farmhouse kitchens with quality cabinetry, stainless appliances, and finishes designed for the Saratoga Springs rental market — supporting projected average rents of $2,545 per month.

    Bathroom

    Clean, well-finished bathrooms with quality tile and fixtures throughout — designed to attract and retain quality long-term tenants in one of upstate New York’s strongest rental markets.

    Living Room

    Open living spaces with luxury vinyl plank flooring, modern finishes, and direct access to private outdoor space — built to a standard that commands and holds market-rate rents long term.

    Bedroom

    Well-proportioned bedrooms with quality finishes, in-unit laundry, and private balcony or patio access — the amenities that set The Ridge apart from older rental stock in the submarket.

    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.
    Continue Exploring

    Browse more projects from our portfolio.

    Return to Portfolio