88-Unit Multifamily Asset
Brigadoon was purchased by Rebus Capital, LLC in August 2018. This 1961 build asset has a value-add opportunity in the form of long deferred maintenance of exterior and interiors, very poor management and maintenance, as well as astronomically high utilities. There is also significant bad debt on the property.
Rebus Capital's plan is to immediately evict non-paying tenants. Rebus will then renovate 60% of the interior units with vinyl plank flooring, new appliances, two-tone paint and new fixtures. This will allow the property to achieve higher rents, thus forcing appreciation. In addition, Brigadoon is an all-bills-paid community. Rebus will be using RUBS (ratio utility billing system) to bill back the tenants as leases turn over.
We are very excited to be partnering with Wehner Multifamily for the first time. Wehner is a professional property management company that works with many companies with similar strategies to Rebus Capital. We are hoping that Rebus and Wehner have a strong future together.
Based on our value-add strategy, decreasing expenses and great purchase price, Rebus Capital and our investors will enjoy healthy returns.