In 2003 a group controlled by Radford purchased this 13 unit building in Capital Hill. The former owner had tried unsucessfully to refinance the property before listing it for sale (the lender did not give him credit for the income from the garden level units because of an administrative detail). Relying on our relationships with lender's we were able to get the building financed at 75% loan to value including the income from the garden units. The Seller's pricing was based on incorrect financing assumptions and we were able to buy at a discount.
Over the past several years and especially in 2012 we have started a program of renovating units upon turnover and have steadily increased the rents and operating income from the property: