Marc Heller spoke to Northeast Real Estate Business about a recent trend among multifamily real estate to renovate and invest in aging property. Heller elaborated that in determining whether a property is a strong candidate for renovation, an investor should look for underperforming assets in close proximity to newer and renovated properties, or near busy transit hubs.
“Ideally, one would look for a property with good bones that just needs to be refreshed. Obsolete building components and inefficient, energy-consuming systems can be replaced with modern ones. Outdated or under-utilized amenities can be replaced or improved.”