The Historic Luxardo Building was built in 1941, It has modern lines with Art-Deco finishes that give it a timeless appeal. Aquired by CDG in 2017, it had fallen into disrepair - with all but two tenants and many of the apartments untenable.
We put together a plan to revitalize the property and in three months we transformed the property with new electric, appliances, kitchens, baths, roof, landscaping, laundry. We improved common areas, lighting, repaired floors, and improved safety and security.
Within seven months of closing - to the day - we had the building leased at full occupancy. We raised rental rates from $600/mo all utilities paid to $850/mo - tenant pays utilities. We worked hard to create a good community that feels safe and excited to live in our new beautiful spaces.
We completed this project on time, within 3% of our original budget.
The Luxardo was a great example of buying an undervalued asset, adding our vision, and holding it to continue to generate value.
The Historic Luxardo Building was built in 1941. It has modern lines with art-deco finishes that give it a timeless appeal. Each unit has been recently renovated and features hardwood floors, beautiful N/S facing windows that open, brand new electric, new appliances, new kitchens, baths, lighting, and blinds.