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Blue Spruce - Motel Exterior (1 story) (1)

Blue Spruce

Written by command on . Posted in Case Studies.

  • blue spruce aerial – image (18) (1) (1)

  • blue spruce -Units

  • 2 – Blue Spruce Inn & Suites Motel and Spruce Manor Apartments_Valatie, NY

Work in Progress

Blue Spruce Apartments

Multi-Family Conversion Opportunity

A 52-unit motel-to-multifamily conversion repositioning an underperforming Hudson Valley asset into a stabilized residential community.

  • Location

    Valatie, NY

  • Acquisition Date

    2026

  • Purchase Price

    $3.59 Million

  • Total Project Cost

    $6.7 Million

  • Projected Value

    $8.2 Million

  • Projected Equity Created

    $1.5 Million

Projected Returns

2.8x Equity Multiple
100% Capital Return
48 mo. Return of Capital
Opportunity

01

A Rare 10-Acre Campus in a Housing-Starved Market

Blue Spruce sits on 9.1 acres along Route 9 in Kinderhook — a Columbia County submarket where rental inventory outside of Hudson is nearly nonexistent.

The property came with a mixed-use unit matrix of 28 hotel rooms and 24 residential apartments, a 34,325 sq ft footprint, and rents running well below what the market will bear — exactly the kind of gap Green Springs is built to close.

  • Received IDA-approved tax PILOTs, mortgage recording tax exemptions, and sales tax waivers
  • Nearly no competing rental inventory outside of Hudson
  • 52 units with significant conversion and rent growth potential
  • Existing residential base enabling phased repositioning
  • Scenic 10-acre setting with walkable services within 1 mile

  • 2 – Blue Spruce Inn & Suites Motel and Spruce Manor Apartments_Valatie, NY

  • blue spruce -Units

  • Blue Spruce – 2023-08-10(5)

  • Blue Spruce – 2023-11-03(17)

  • Blue Spruce – 2023-11-03

  • blue spruce – inside apartments

  • Blue Spruce Inn & Suites Motel and Spruce Manor Apartments_Valatie, NY

Renderings

  • Blue Spruce – Motel Exterior (1 story) (1)

  • Blue Spruce – Bathroom (1)

  • Blue Spruce – Kitchen 2 (1)

  • Blue Spruce – Bedroom (1)

The Strategy

02

Motel-to-Multifamily Conversion Across Four Pillars

Green Springs structured a full conversion strategy — eliminating hospitality operations entirely and repositioning all 52 units as a cohesive residential community priced for a market with almost no competing supply.

  • Motel
    Conversion

    Convert 28 hotel rooms into residential apartments, standardizing the unit matrix and eliminating the operational complexity and income volatility of short-term hospitality.

  • Full Unit
    Renovation

    A $2.15M renovation scope across all units — new kitchens, bathrooms, flooring, lighting, and hardware — repositioning the property to command stable long-term rents in a market with virtually no comparable supply.

  • Operational
    Reset

    Common utilities and services recaptured through a Ratio Utility Billing System (RUBS), reducing ownership expense drag and improving NOI without impacting achievable rents.

  • Refinance &
    Capital Return

    Following stabilization, a refinance is targeted in Year 4 to return 100% of investor capital, with a 7–10 year hold for ongoing cash flow, appreciation, and long-term wealth creation.

Execution

03

$2.15M in Renovations Across Three Scopes

A $6.7M total project budget encompasses acquisition, a full renovation program, and soft costs — with the construction scope focused on three areas of improvement executed over a 24-month construction and stabilization period.

  • 01

    Exterior & Site

    Repainting, new roofs, railings, and walkways. Overall exterior refresh and site improvements across the full 9.1-acre campus.

  • 02

    Interior Upgrades

    Motel-to-apartment unit conversions throughout the hospitality wing. Modern kitchen and bath updates, new flooring, lighting, and hardware across all 52 units.

  • 03

    Community Amenities

    Centralized laundry and improved common areas. Picnic areas, fire pits, and shared grills. Fenced dog park for pet-friendly living.

Q1 2026
Property Acquisition
Closing completed. Construction mobilization begins across the 9.1-acre campus.

Q2 2026 — Q4 2027
Leasing & Stabilization
Renovated units brought to market at $1,315/mo average as construction progresses.

Q2 2028+
Optimize Operations
Long-term hold. Ongoing investor distributions. Strategic refinances every 3–5 years.

01

02

03

04

05

Q2 2026 — Q3 2027
Construction Period
Full renovation and motel-to-apartment conversion underway across all 52 units.

Q1 2028
Refinance Execution
Refinance executed against stabilized value. 100% of investor capital returned.

01
Q1 2026
Property Acquisition
Closing completed. Construction mobilization begins across the 9.1-acre campus.

02
Q2 2026 — Q3 2027
Construction Period
Full renovation and motel-to-apartment conversion underway across all 52 units.

03
Q2 2026 — Q4 2027
Leasing & Stabilization
Renovated units brought to market at $1,315/mo average as construction progresses.

04
Q1 2028
Refinance Execution
Refinance executed against stabilized value. 100% of investor capital returned.

05
Q2 2028+
Optimize Operations
Long-term hold. Ongoing investor distributions. Strategic refinances every 3–5 years.

The Results

04

$1.5M in Equity Created at Stabilization

At stabilization, the property is projected to be valued at $8.2 million — representing $1.5 million in equity creation against a total project cost of $6.7 million. Rents are conservatively underwritten at $1,315/month against a market average of $1,500–$2,000+, in a submarket with almost no competing supply.

  • 100% of investor capital returned via Year 4 refinance
  • Projected 28% average annual return and 2.75x equity multiple
  • Infinite cash-on-cash position following refinance
  • 7–10 year hold with strategic refinances planned every 3–5 years

Blue Spruce is Green Springs’ first motel-to-multifamily conversion — and a direct response to one of the most undersupplied rental markets in the region.

Investor Impact

05

Capital Preserved. Upside Retained.

Preserved capital. Ongoing upside participation. Structured value creation.

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

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maple street in progress interior

Maple Street

Written by command on . Posted in Case Studies.

  • Maple Street – IMG_8192

  • Maple Street – IMG_8194 (1)

  • Maple Street – IMG_8203 (1)

  • Maple Street – External with CG Banner

Work in Progress

Maple Street

Multi-Family Redevelopment

A 20-unit mixed-use historic rehabilitation backed by $2.4M in grants and tax credits, currently under development.

  • Location

    Glens Falls, NY

  • Acquisition Date

    2025

  • Purchase Price

    $619,000

  • Total Project Cost

    $4.9 Million

  • NYS Grant + Tax Credits

    $2.4 Million

  • Projected Property Value

    $3.8 Million

Investor Outcomes

1.5-1.7x Equity Multiple
100% Capital Return
∞ Cash-on-
Cash
Opportunity

01

A Vacant Landmark in a City Ready to Invest

178–180 Maple Street is a vacant 1920 brick warehouse sitting in downtown Glens Falls’ 1st Ward District — a corridor the city has formally designated for redevelopment.

Rather than pass on a property with no income and significant capital needs, we identified a full historic rehabilitation as the path to unlock measurable long-term value.

  • IDA-approved tax PILOTs, mortgage recording tax exemptions, and sales tax waivers
  • $1.0M Restore NY grant already tied to the property at acquisition
  • $1.4M in state and federal historic tax credits available upon completion
  • City-backed redevelopment designation reducing entitlement risk
  • Strong refinance positioning upon completion
  • Strong rental demand with limited quality supply in the submarket

  • Kitchen, Living + Loft Rendering

  • Kitchen + Living Rendering

  • Kitchen + Living Rendering

  • Kitchen + Living Rendering

  • Kitchen + Living Rendering

  • Kitchen Rendering

Floor & Building Plans

  • Maple Street-Floor Plans 6 (1)

  • Maple Street-Floor Plans 7 (1)

  • Maple Street-Floor Plans 3 (1)

  • Maple Street-Floor Plans 4 (1)

  • Maple Street-Floor Plans 2 (1)

The Strategy

02

Historic Rehabilitation Engineered Around the Capital Stack

Rather than pursue a standard acquisition and renovation, we structured a full historic rehabilitation designed to convert $2.4M in public incentives into investor returns while creating a long-term income-producing asset.

  • Historic
    Rehabilitation

    Convert three levels of vacant warehouse space into 20 B+ apartments with modern industrial finishes, executed to SHPO and National Park Service historic preservation standards.

  • Grant & Tax Credit Execution

    The project is structured to capture a $1.0M Restore NY grant and approximately $1.4M in historic tax credits — non-dilutive capital deployed directly toward investor return of capital.

  • In-House Property Management

    Green Springs Property Management leads lease-up and ongoing operations, eliminating third-party drag and maintaining full visibility into asset performance through stabilization.

  • Long-Term Hold & Refinance

    The property will be retained in the Green Springs portfolio. Strategic refinances every 4–7 years are planned to deliver ongoing equity distributions without triggering a taxable sale.

Execution

03

A Historic Rehabilitation Built to Preservation Standards

178–180 Maple Street required full coordination with the NYS Historic Preservation Office and National Park Service — every scope of work executed within strict historic standards to protect the project’s $1.4M tax credit eligibility.

Construction is currently underway through Green Springs’ affiliated entity, CG Construction Group, under a fixed-price contract with contingency reserves in place.

Design & Permitting
Architectural plans, historic preservation approvals, and site plan finalized.

Construction
Full residential and commercial buildout underway across all three warehouse levels.

Grant Awarded
$1.0M NYS Restore NY grant released upon completion of all renovations.

Q2–Q4
2025

Q4
2025

Q4 2025–
Q3 2026

Q3–Q4
2026

Q1
2027

Q2
2027

Acquisition Closing
Property closes. Construction mobilization begins.

Leasing
Units come online. Green Springs Property Management leads lease-up.

Tax Credits
~$1.4M in state and federal historic tax credits processed. Investor capital returned.

Q2–Q4
2025
Design & Permitting
Architectural plans, historic preservation approvals, and site plan finalized.
Q4 2025
Acquisition Closing
Property closes. Construction mobilization begins.
Q4 2025–Q3 2026
Construction
Full residential and commercial buildout underway across all three warehouse levels.
Q3–Q4 2026
Leasing
Units come online. Green Springs Property Management leads lease-up.
Q1 2027
Grant Awarded
$1.0M NYS Restore NY grant released upon completion of all renovations.
Q2 2027
Tax Credits
~$1.4M in state and federal historic tax credits processed. Investor capital returned.

The Results

04

$1.5M in Equity Created at Stabilization

Upon completion, the property is projected to appraise at $3.8 million — representing $1.5M in equity creation against a total project cost of $4.4 million, driven by $2.4M in non-dilutive grant and tax credit capital.

  • 100% of capital returned within 28 months
  • Projected NOI of $230,000 at stabilization
  • 1.5-1.7x equity multiple to date

This project demonstrates our ability to structure complex historic rehabilitations — converting public incentives into measurable investor returns while delivering quality housing to an underserved market.

The Interior
Work in Progress: See Inside the Transformation

  • Maple St – IMG_8231

  • Maple St – IMG_8234

  • Maple St – IMG_8252

  • Maple St – IMG_8233

  • Maple St – Basement 3

  • Maple St – IMG_8247

Investor Impact

05

Capital Preserved. Upside Retained.

Preserved capital. Ongoing upside participation. Structured value creation.

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

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Annandale Mansion - living room - after

Annandale Mansion

Written by command on . Posted in Case Studies.

  • Annandale Exterior – 1

  • Annandale Exterior – 2

  • Annandale Exterior – 3

Work in Progress

Annandale Mansion

Multi-Family Redevelopment

A 16-unit historic mansion in one of Saratoga’s most coveted locations — fully redeveloped and repositioned through complete vertical integration.

  • Location

    Saratoga Springs, NY

  • Acquisition Date

    2025

  • Purchase Price

    $3.25 Million

  • Total Project Cost

    $4,948,430

  • Units

    16

  • Historic Tax Credits

    $600,000

Project Projections

2.58x Equity Multiple
15–17% Projected IRR
15–25% Avg. Annual Return
Opportunity

01

A Historic Asset in a Premier Location

Annandale Mansion was sourced entirely off-market — a 16-unit, 10,892 sq ft Victorian estate at 245 Clinton Street, steps from Skidmore College in the heart of Saratoga Springs. Despite its exceptional location and architectural significance, the property carried below-market rents and represented a compelling opportunity to unlock value through full-scale redevelopment. The acquisition was structured with a $700,000 seller note at 0% interest — a financing advantage that meaningfully improves effective returns to investors.

Rather than pursue incremental improvements, we identified an opportunity for comprehensive redevelopment — transforming a historically significant asset into a fully modernized, income-producing property while preserving the character that makes it irreplaceable.

  • Sourced off-market
  • Historic Tax Credit eligibility: $600,000
  • Seller financing at 0% interest — $700,000 note
  • Below-market rents with significant upside
  • Near Skidmore College: Built-in rental demand

  • Annandale1C_01 (1)

  • Annandale1B 2020_02

  • Annandale1C_06

  • Annandale2B-03

  • Annandale1C_07

The Strategy

02

Full Redevelopment Across Four Pillars

Rather than pursue phased upgrades, we structured a comprehensive 24-month redevelopment plan designed to maximize long-term asset value, deliver Historic Tax Credits to investors, and return capital through a targeted refinance at stabilization.

  • Complete Interior Transformation

    Every unit fully redeveloped — new kitchens, bathrooms, flooring, and mechanical systems — repositioning the property to command market-rate rents of $1,895/month on average.

  • Historic
    Tax Credits

    Annandale Mansion qualifies for $600,000 in NYS and Federal Historic Tax Credits — distributed to limited partners as a priority return of capital, beginning in year two.

  • Seller Financing Advantage

    A $700,000 seller note at 0% interest reduces effective debt service costs and meaningfully improves cash-on-cash returns throughout the hold period.

  • Refinance &
    Capital Return

    Following stabilization, a refinance is targeted between years 5–6 to pay off the seller note and return investor capital. Distributions from refinancing carry no tax exposure.

TAX CREDITS

03

$600,000 in Tax Credits Returned Directly to Investors

Annandale Mansion qualifies for both New York State and Federal Historic Tax Credits, generating $600,000 in credits against approximately $1.2 million in qualified renovation expenses. Credits are distributed to limited partners as a priority return of capital — NYS credits projected in year two, Federal credits between years 2–6.

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.

  • 80% of renovation scope qualified as eligible historic expenses
  • 30% NYS Historic Tax Credit: $360,000
  • 20% Federal Historic Tax Credit: $240,000
  • 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

Fully Integrated — From Acquisition to Management

100% of the Annandale project is controlled by the Green Springs family of companies — from financing and construction to property management and asset oversight. This complete vertical integration eliminates third-party risk and creates direct accountability at every stage of the redevelopment.

Construction is managed by CG Construction Group, Green Springs’ sister company, with an independent owner’s rep providing a professional layer of oversight and separation. Green Springs Property Management transitions in at stabilization, ensuring continuity from lease-up through long-term operations. Ascend Real Estate Advisors handles financing, debt sourcing, and asset management throughout the hold.

Redevelopment Begins
Full interior redevelopment underway across all 16 units. Historic Tax Credit certification initiated.

Tax Credits Distributed
NYS Historic Tax Credits projected to be distributed to LPs as priority return of capital.

Refinance & Capital Return
Refinance executed to pay off seller note and return investor capital. No tax exposure on distributions.

Jan
2025

Mid
2026

Year
2

Year
2–3

Year
5–6

Year
10

Leasing Commences
Completed units brought to market at projected rents of $1,895/mo as construction progresses.

Full Stabilization
Portfolio reaches full occupancy. Green Springs Property Management transitions to long-term operations.

Optimize & Hold
Projected property value ~$6.0M. Additional capital event available via refinance or sale at investor discretion.

Jan
2025
Redevelopment Begins
Full interior redevelopment underway across all 16 units. Historic Tax Credit certification initiated.
Mid
2026
Leasing Commences
Completed units brought to market at projected rents of $1,895/mo as construction progresses.
Year
2
Tax Credits Distributed
NYS Historic Tax Credits projected to be distributed to LPs as priority return of capital.
Year
2–3
Full Stabilization
Portfolio reaches full occupancy. Green Springs Property Management transitions to long-term operations.
Year
5–6
Refinance & Capital Return
Refinance executed to pay off seller note and return investor capital. No tax exposure on distributions.
Year
10
Optimize & Hold
Projected property value ~$6.0M. Additional capital event available via refinance or sale at investor discretion.

Before & After

The Transformation

Drag to compare the property before acquisition and after redevelopment.

Projected Results

05

Built for Long-Term Compounding

Annandale Mansion is structured as a long-term hold with multiple capital return events — Historic Tax Credits in years 2–6, a refinance between years 5–6 returning investor capital, and ongoing cash flow distributions throughout the hold period.

  • 10-Year Projected IRR: 15–17%
  • Average Annual Return: 15–25%
  • Average Cash-on-Cash Return: 5–6%
  • Return of capital via tax credits and refinance
  • Ongoing distributions carry no tax exposure
  • $600,000 in Historic Tax Credits — priority distribution to LPs
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

06

Capital Preserved. Upside Retained.

Preserved capital. Ongoing upside participation. Structured value creation.

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

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The Ridge

Written by command on . Posted in Case Studies.

  • Ridge Aerial (early completion) (1)

  • Ridge External 3

  • Carriage House External

  • Excelsior – Carriage House

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

  • Carriage House – Existing and Proposed Drawings_Page_12

  • Carriage House – Existing and Proposed Drawings_Page_11

  • Carriage House – Existing and Proposed Drawings_Page_10

  • Proposed Floor Plans – Main House_Page_07

  • Proposed Floor Plans – Main House_Page_06

  • Proposed Floor Plans – Main House_Page_05

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

    Currently in progress

    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.

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

    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.

Preserved capital. Ongoing upside participation. Structured value creation.

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

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Union Avenue

Written by command on . Posted in Case Studies.

  • Union Ave – After – 101 Front Exterior

  • Union Ave – After – 107 Front Exterior

  • union ave

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

  • Union Ave - After - 101 Front Exterior

    101 Front Exterior

  • Living Room Rendering

  • Kitchen Rendering

  • Bedroom Rendering

  • Bathroom Rendering

Floor & Building Plans

  • 101 & 107 Union Survey (1)

  • 107 Union Ave – Existing & Proposed Floor Plans 5 (2)

  • 107 Union Ave – Existing & Proposed Floor Plans 2 (1)

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.

Preserved capital. Ongoing upside participation. Structured value creation.

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

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255 Main

Written by command on . Posted in Case Studies.

  • 255 Main St Overhead

  • 255 Main St Sign

  • B left side

  • A front zoomed out

  • 255 Main – A front entry

  • 255 Main – C unit entry

  • A Landscaping (1)

Case Study

255 Main Street

Multi-Family Redevelopment

Acquired in 2021, 255 Main is a 20-unit off-market acquisition fully redeveloped and stabilized within 18 months.

  • Location

    Corinth, NY

  • Acquisition Date

    2021

  • Purchase Price

    $1.125 Million

  • Total Project Cost

    $1.8 Million

  • Present Value

    $2.745 Million

  • Equity Created

    $945,000

Investor Outcomes

3.1x Equity Multiple
166% Capital Return
∞ Cash-on-
Cash
Opportunity

01

An Off-Market Find with Significant Upside

255 Main Street was sourced entirely off-market through Green Springs’ direct mail campaign — never listed, never shopped. The 20-unit property in Corinth, NY had suffered years of deferred maintenance, hadn’t seen a meaningful renovation in decades, and carried rents well below $1,000 per month. Priced to reflect its condition, it represented exactly the kind of overlooked asset Green Springs is built to find.

We saw an opportunity to fully redevelop and reposition the property from the ground up — resetting both its physical condition and its place in the market.

  • Sourced off-market through direct mail campaign
  • 20 units with significant rent growth potential
  • Decades of deferred maintenance suppressing value
  • Priced well below redevelopment potential
  • No competition — deal never hit the open market

  • Exterior Rendering

  • Exterior

  • Living Room Rendering

  • Living Room

  • Kitchen Rendering

  • Kitchen

    Kitchen

  • Bathroom Rendering

  • Bathroom

  • Bedroom Rendering

  • Bedroom

Floor & Building Plans

  • Corinth Property Unit Map (1)

  • 255_20Main_20street_20-_20A101_20-_201_20Bedroom_20Layout_2007_2009_202021 (1)

  • 255_20Main_20street_20_20-_20A100_20-_202_20Bedroom_20Floor_20Plan_2007_2009_202021_20(1) (1)

The Strategy

02

Full Redevelopment Across Four Pillars

Rather than pursue phased improvements, we executed a comprehensive redevelopment strategy designed to fully reposition the asset, turn over the tenant base, and stabilize at market rents within 18 months.

  • Off-Market
    Acquisition

    Sourced through Green Springs’ proprietary direct mail program, the property was acquired before it could reach the open market — securing a basis well below market value.

  • Full Unit
    Redevelopment

    Every unit was fully renovated, resetting the property’s condition and market position from the ground up rather than patching a declining asset.

  • Tenant Base Repositioning

    The existing tenant base was turned over entirely through a structured process, including evictions where necessary, to allow full redevelopment and re-leasing at market rents.

  • Refinance &
    Capital Recycling

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

Execution

03

Zero to 100% — Built Back From the Ground Up

The central challenge of 255 Main Street was one of sequencing: bringing a fully occupied 20-unit building to 0% occupancy, executing a complete unit-by-unit renovation, and rebuilding to 100% stabilized occupancy — all within an 18-month window.

Green Springs managed the full transition in-house — coordinating tenant turnover, construction sequencing, and lease-up simultaneously. A small number of problem tenants required formal eviction proceedings, which were handled efficiently without derailing the broader project schedule. By maintaining disciplined construction and leasing timelines, the team achieved full stabilization within the target window and handed the asset off to Green Springs Property Management for long-term operations.

Before & After

The Transformation

Drag to compare the property before acquisition and after redevelopment.

The Results

04

$945,000 in Equity Created

Upon stabilization, the property was valued at $2.745 million — representing $945,000 in equity creation against a total project cost of $1.8 million.

  • 166% of capital returned
  • Infinite cash-on-cash position following refinance
  • 3.1x equity multiple to date

Following refinance, limited partners hold an infinite cash-on-cash position — continuing to receive distributions with zero remaining capital at risk. 255 Main Street demonstrates Green Springs’ ability to identify off-market opportunities, execute full-scale redevelopment under compressed timelines, and deliver outsized returns in markets others overlook.

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.

Preserved capital. Ongoing upside participation. Structured value creation.

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

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Kirby Road

Written by command on . Posted in Case Studies.

  • External – Front (1)

  • Rear Building2 (1)

  • origin-1 copy

  • origin-2 copy

  • origin-3 copy

  • 6–14-kirby-rd-saratoga-springs-ny-building-photo

  • 0018-1024×684

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

  • Kirby Rd Bldg-Unit Map

  • Kirby – Floor Plan (1st Floor Only)

  • Kirby – Floor Plan (2nd Floor Only)

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

    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.

Preserved capital. Ongoing upside participation. Structured value creation.

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

Continue Exploring

Browse more projects from our portfolio.

Return to Portfolio

Continue reading