Pattison 8-Plex

Located in Cheyenne, Wyoming, this 8 unit apartment building consists of 7-one bedroom units and one studio unit. This property was purchased in February 2020 as a distressed asset; it was 50% vacant, and the units that were occupied were leased approximately 40% under market value. Additionally, the cosmetics of the property were all original to its 1978 construction. Seeing a clear value-add opportunity, Jonathan made an aggressive offer that was quickly accepted.

Over the course of 6 months, Jonathan worked alongside contractors to update paint, flooring, bathrooms, kitchens, and windows to bring the aesthetics of the building up to modern standards. The property was completely turned around within 6 months, and Jonathan was able to refinance 100% of his initial investment out, creating an infinite-cash flowing property. Jonathan still has this property in his portfolio.