Union Avenue
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Union Ave – After – 101 Front Exterior
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Union Ave – After – 107 Front Exterior
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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.
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Location
Saratoga Springs, NY
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Acquisition Date
2021
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Purchase Price
$2.1 Million
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Total Project Cost
$3.1 Million
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Present Value
$4.2 Million
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Equity Created
$1.1 Million
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Historic Tax Credits
$500,000
Investor Outcomes
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& 107 Union Avenue were acquired as a 16-unit multi-family portfolio with well-maintained exteriors but significantly outdated interiors and rents running 60% below market — limiting the asset’s income potential.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.
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Premium location with strong rental demand
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Significant rent growth potential through full interior redevelopment
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Net new income through attic unit conversion
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Strong refinance positioning upon stabilization
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107 Front Exterior
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101 Front Exterior
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Living Room Rendering
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Kitchen Rendering
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Bedroom Rendering
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Bathroom Rendering
Floor & Building Plans
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101 & 107 Union Survey (1)
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107 Union Ave – Existing & Proposed Floor Plans 5 (2)
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107 Union Ave – Existing & Proposed Floor Plans 2 (1)
The Strategy
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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.
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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.
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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.
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Operational
OverhaulGreen 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.
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Refinance
StrategyFollowing 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.
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Historic Tax Credits: $500,000
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Credits treated as priority return of capital to LPs
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NYS credit fully refundable — excess issued as a check from the state
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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.
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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.
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140% of capital returned within 24 months
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Infinite cash-on-cash position following refinance
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2.2x equity multiple to date
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$500,000 in Historic Tax Credits distributed to LPs
The project demonstrates our structured approach to acquisition, redevelopment, stabilization, and capital recycling.
The Interior
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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.
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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.
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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.
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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
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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.
