Case Study

Union Ave

Historic Multi-Family Redevelopment

A 16-unit acquisition repositioned from 60% below market to stabilized asset in 24 months.

Location
Saratoga Springs, NY
Acquisition Date
2021
Purchase Price
$2.1 Million
Total Project Cost
$3.1 Million
Present Value
$4.2 Million
Equity Created
$1.1 Million
Historic Tax Credits
$500,000

Investor Outcomes

2.2x Equity Multiple

140% Capital Return

∞ Cash-on-
Cash

Opportunity

01

A Fully Repositioned Asset in a Premier Market

101 & 107 Union Avenue were acquired as a 16-unit multi-family portfolio with well-maintained exteriors but significantly outdated interiors and rents running 60% below market — limiting the asset’s income potential.

Rather than pursue incremental improvements, we identified an opportunity for comprehensive redevelopment and full-scale transformation to unlock the property’s true long-term value.

Premium location with strong rental demand
Significant rent growth potential through full interior redevelopment
Net new income through attic unit conversion
Strong refinance positioning upon stabilization

107 Front Exterior

101 Front Exterior

Living Room Rendering

Kitchen Rendering

Bedroom Rendering

Bathroom Rendering

Floor & Building Plans

The Strategy

02

Full-Scale Redevelopment, Managed In-House

Green Springs executed a comprehensive 24-month redevelopment plan across both buildings — transforming every unit interior, adding a new apartment, and overhauling operations from the ground up.

Complete Interior Transformation

Every unit interior was fully redeveloped — new kitchens, bathrooms, and flooring throughout — bringing the property in line with the quality and character the location deserves.

Net New Income Creation

The attic of 107 Union was converted into a new 2,000 sq ft apartment, adding a unit and meaningfully expanding the property’s long-term income capacity.

Operational
Overhaul

Green Springs Property Management was deployed in-house from acquisition through stabilization, paired with a Ratio Utility Billing System to recapture expenses previously absorbed by ownership.

Refinance
Strategy

Following full stabilization and lease-up, a refinance was executed against the property’s redeveloped value — returning investor capital in full while retaining long-term equity in the asset.

TAX CREDITS

03

$500,000 in Tax Credits Returned Directly to Investors

101 & 107 Union Avenue qualified for both New York State and Federal Historic Tax Credits, generating $500,000 in credits against qualified renovation expenses. Tax credits are treated as a return of capital with priority distribution to limited partners.

Unlike a deduction, a tax credit is a dollar-for-dollar reduction of taxes owed — meaning each dollar of credit directly offsets a dollar of tax liability.

The NYS and Federal credits work in tandem, significantly reducing or eliminating personal tax exposure on the investment. Credits are distributed to limited partners as a priority return of capital.

Historic Tax Credits: $500,000
Credits treated as priority return of capital to LPs
NYS credit fully refundable — excess issued as a check from the state
No NY tax liability? Full NYS credit amount returned as a refund

Execution

04

Delivered On Schedule, Start to Finish

Acquired in late 2021, the project moved into full redevelopment in January 2022 — a $565,000 construction scope across both buildings executed over 18 months without pausing operations or compromising the quality of the finished product.

Green Springs Property Management coordinated every phase in-house, from demolition through final lease-up. As units were completed, they were leased at market rate — allowing stabilization to build progressively rather than all at once. By late 2023, the portfolio was fully stabilized and refinanced, with investor notes paid in full by maturity.

Redevelopment Begins

Full interior redevelopment underway across all 16 units. Attic buildout at 107 Union Street initiated.

Renovation Complete

All unit interiors finished. Attic conversion complete, adding a new 2,000 sq ft apartment to the portfolio.

Refinance & Investor Payoff

Refinance executed against stabilized asset value. Investor notes are paid in full by maturity date.

Jan
2022

Jun
2022

Jan
2023

Aug
2023

Dec
2023

Leasing Commences

Completed units brought to market at redeveloped rents as construction progresses building-wide.

Full Stabilization

Portfolio reaches full occupancy. Ratio Utility Billing System implemented. Asset transitioned to long-term in-house management.

Jan
2022

Redevelopment Begins

Full interior redevelopment underway across all 16 units. Attic buildout at 107 Union initiated.

Jun
2022

Leasing Commences

Completed units brought to market at redeveloped rents as construction progresses building-wide.

Jan
2023

Renovation Complete

All unit interiors finished. Attic conversion complete, adding a new 2,000 sq ft apartment to the portfolio.

Aug
2023

Full Stabilization

Portfolio reaches full occupancy. Ratio Utility Billing System implemented. Asset transitioned to long-term in-house management.

Dec
2023

Refinance & Investor Payoff

Refinance executed against stabilized asset value. Investor notes paid in full by maturity date.

Before & After

The Transformation

Drag to compare the property before acquisition and after redevelopment.

The Results

05

$1.1M in Equity Created

Upon stabilization, the property was valued at $4.2 million — representing $1.1 million in equity creation against a total project cost of $3.1 million. Combined with $500,000 in Historic Tax Credits distributed to limited partners, the project delivered strong risk-adjusted returns across every metric.

140% of capital returned within 24 months
Infinite cash-on-cash position following refinance
2.2x equity multiple to date
$500,000 in Historic Tax Credits distributed to LPs

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

The Interior

Renovation-Driven Repositioning, Unit by Unit

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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