Byson Investments purchased two neighboring four plexes in Westminster, Colorado, in June 2023. Byson aims to create substantial value for its investors in this deal by implementing a complete and holistic value add program. Improvements include implementing a professional property management strategy, interior unit renovations, mechanical upgrades, and exterior upgrades at both properties.
Within the first two weeks of ownership, Byson conducted a thorough clean-up of both properties and introduced a professional property management strategy that converted 75% of the existing month-to-month tenants into 12-month leaseholders at market rents. This simple and effective strategy was well received by existing tenants and resulted in a 24.3% increase in revenues.
Additional improvements to both buildings put this investment on target to exceed its proforma projections of a 22.43% investor IRR over the 5-year investment timeline.