Somerset Apartments

40 Units

Stryant acquired the loan after default, conducted a deed in lieu of foreclosure transaction and oversaw extensive capital improvements including roofing, gutters, and welding all exterior metal staircases to code as well as significant interior renovations including retrofitting all plumbing with high efficiency water fixtures. In addition to other improvements, Stryant performed complete rehabilitation of eight (8) units due to fire damage. Managing these capital improvements included negotiating subcontractor pricing and contracts, developing schedules while units remained occupied, coordinating trade subcontractors, maintaining quality control, managing change orders and budgets, making progress payments and final payments, arranging for inspection of the work and obtaining certificates of occupancy, as well as retaining closeout documents. Occupancy was significantly improved subsequent to renovations and new management and stabilized at 100% within eighteen (18) months of purchase.