Protected: Green Spring’s Portfolio Update – September 2026

Written by Jake Keado on September 8, 2026. Posted in Case Studies.

Moving History: The Story Behind The Lawrence House

Written by Green Springs Capital Group on August 11, 2026. Posted in Case Studies.

In 1869, Henry Lawrence built a home on this site that would go on to witness over a century and a half of Saratoga’s history. When we took on this project, our goal was never to erase that history — it was to carry it forward.

That meant preservation had to come first, even before renovation could begin. The Lawrence House was sitting on the exact ground needed for the site’s next chapter: The Ridge, a new apartment community planned for the property. Rather than choose between the two, we chose both. We lifted the entire house off its foundation, moved it to a new position on the site, and set it down on a new foundation built to support it for another 150 years.

As we move to the next chapter for both properties, we are excited to hand the keys over to each new owner at the Lawrence House.

The Porch Suite

Unit 100 sits at the front of the main house, with direct access to the home’s original front porch. Inside, the layout centers on a combined kitchen, living, and dining space anchored by a beautiful bay window. Off the main living area, a back hall leads to two bedrooms, along with two full bathrooms and an in-unit washer/dryer.

The reclaimed bay windows fill the space with natural light throughout the day.

The Garden Room

Unit 200 is slightly larger at 1,067 square feet. As you walk in, you are immediately in an open area featuring the kitchen, living, and dining areas, with easy access to one of the two bathrooms. The bedrooms are separated from the living area, providing an excellent division between living and sleeping spaces.

Both units retain the detailing of the original 1869 structure — the woodworking throughout the entire home expresses the character that Henry Lawrence originally envisioned.

The Lawrence House Condos are being exclusively offered for sale with the Shannon McCarthy Team (shannonmccarthyteam.com).

View Available Condos at The Lawrence House

This blog post is not an offering. It is a solicitation of interest in the advertised property. No offering of the advertised units can be made and no deposits can be accepted, or reservations, binding or non-binding, can be made until an offering plan is filed with the New York State Department of Law. This post is made pursuant to Cooperative Policy Statement #1, issued by the New York State Department of Law.

Annandale Mansion: The House That Kept Its People

Written by Green Springs Capital Group on August 6, 2026. Posted in Case Studies.

When we first walked through Annandale Mansion, the pitch practically wrote itself: gorgeous bones, a great location near Skidmore, ten legacy tenants paying rents that hadn’t moved in what felt like a decade. The obvious playbook is the one everyone expects — empty the building, gut it, rebuild it, lease it up fresh.

We decided not to do that. The character of a building like this isn’t just in the crown molding and the old hardwoods, it’s in the people who’ve been living there, who chose this place over the newer, more generic options nearby. Clearing everyone out to move faster would have solved a scheduling problem and created a bigger one. So we built the project around keeping the tenant base in place and moving people unit by unit as construction progressed, rather than vacating and starting over.

Ahead of Schedule & Under Budget

By year-end we were 55% through construction — exteriors mostly restored, interiors about 45% underway, and four units fully turned over to property management. Three of those four leased right away, and what we were most glad to see was who leased them: existing legacy tenants transferring into the renovated units instead of leaving. Rents on those transfers jumped more than 50%, which told us the approach was working the way we’d hoped.

The other six legacy households stayed in place at their original rents, which kept cash flow steady while we worked around them. That part took patience — sequencing the construction so units could come offline and back online without disrupting people who were still living there day to day.

We were also running about $153K under budget at that point, mostly from the exterior restoration coming in cheaper than planned.

An End in Sight

By spring we’d reached 80% complete— common areas were fully finished and landscaping was wrapping up. This is where the “bring the character forward” idea really showed up — the lobbies, hallways, and shared spaces weren’t an afterthought behind the unit renovations, they were treated as central to what makes the building feel like itself.

Leasing was ahead of expectations, too: five units leased at an average of $1,845/month, with stabilized revenue tracking 7–10% above our original underwriting. We were still sitting on roughly $60K of favorable budget variance against the ~$4.81M total project cost.

Where do we stand today?

Construction is complete and we are 1 unit away from being 100% occupied. Every unit interior, every common area, every bit of landscaping was done, and the legacy resident transitions wrapped up alongside it — every household that wanted to stay through the renovation did. Final project cost landed at about $4.75M against the ~$4.81M budget, roughly $60K under.

We’re now in stabilization, watching operations settle in, and looking ahead to distributing tax credits in 2027 and evaluating whether a refinance makes sense down the line.

Why did this matter?

The faster version of this project would have meant vacating, renovating everything at once, and re-leasing to whoever showed up. Instead we asked a longtime tenant base to stick with us through a phased renovation, protected the income that came with keeping them, and used the extra time to get the shared spaces right. The result isn’t just good numbers — it’s that Annandale Mansion still feels like the building people chose to live in, just one they’re now paying a lot more to live in.

— The Green Springs Capital Group Team

Green Springs Companies Sells Multifamily Property in Saratoga Springs for $1.7 Million

Written by Green Springs Capital Group on August 3, 2026. Posted in Case Studies.

SARATOGA SPRINGS — 17-21 Granite Street, a six-unit multifamily property spanning three historic buildings just blocks from downtown Broadway and Skidmore College, has sold for $1.7 million, with Green Springs Companies representing the seller.

The property totals 5,392 square feet on a 0.28-acre lot and dates to 1880, with 12 bedrooms and six bathrooms spread across the three buildings — including a fully furnished single-family house at 19 Granite Street that commands premium rents.

The buildings were fully occupied at the time of sale, with the location’s proximity to Skidmore College, downtown Broadway and the city’s hospitality and healthcare employers keeping tenant demand steady.

Green Springs Company fully renovated the property after acquiring it in 2020, updating the kitchens and bathrooms, installing new flooring and HVAC systems with central air, and recoating the roofs across all three buildings.

Brian Green, who represented Green Springs Company in the sale, said in a statement: “We see a strong demand for small-renovated multifamily, with many investors who want something turnkey.” Brian has seen a lot of success selling these small multifamily properties this summer.

Steady tourism, healthcare and education demand, along with sub-4% vacancy rates and 3% to 5% annual rent growth, have kept investor interest in Saratoga Springs strong.

The Green Springs Team will give some insight into the deal & how it performed in the monthly update in a few weeks, so stay tuned!

Quadplex in Saratoga Springs Sells for $1.3m

Written by Green Springs Capital Group on July 22, 2026. Posted in Case Studies.

SARATOGA SPRINGS — 1 Oak Street, a four-unit quadplex in the city’s Arts District, is being sold by Green Springs Companies for $1.3m. The property spans 4,572 square feet, with a mix of two- and three-bedroom units and classic double-porch architecture.

The building is fully occupied, with tenants drawn from the hospitality, healthcare and arts sectors that anchor the surrounding neighborhood, just steps from Broadway, SPAC and the Saratoga Race Course.
Green Springs Company fully renovated the property after acquiring it in 2021, updating the kitchens, bathrooms, appliances, in-unit laundry, and the HVAC, electrical and plumbing systems, along with a new roof.

Brian Green, who represented Green Springs Company in the sale, said in a statement: “We see a strong demand for small-renovated multifamily, with many investors who want something turnkey.”

Steady tourism, healthcare and education demand, along with sub-4% vacancy rates and 3% to 5% annual rent growth, have kept investor interest in Saratoga Springs strong.

The Green Springs Team will give some insight into the deal & how it performed in the monthly update next week, so stay tuned!

Green Springs Companies Closes on the former Blue Spruce Inn & Suites

Written by Jake Keado on July 7, 2026. Posted in Case Studies.

We finally closed on what will soon be Orchard View Apartments. The 10-acre property in Columbia County has operated as the Blue Spruce Inn & Suites for decades — over the next 16 months, it will be converted into 52 luxury-appointed apartments, making Orchard View virtually the only rentable housing stock within a 5-mile radius.

We’re excited to enter a new market, with plenty of updates to come!

Blue Spruce

Written by command on April 11, 2026. 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.

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.

Q1 2026

Property Acquisition

Closing completed. Construction mobilization begins across the 9.1-acre campus.

Q2 2026 — Q3 2027

Construction Period

Full renovation and motel-to-apartment conversion underway across all 52 units.

Q2 2026 — Q4 2027

Leasing & Stabilization

Renovated units brought to market at $1,315/mo average as construction progresses.

Q1 2028

Refinance Execution

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

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.

Continue Exploring

Browse more projects from our portfolio.

Return to Portfolio