Cross Mountain Capital Reposition Case Study for extraordinary returns. 12plex reposition completed in 6 months from 7/22 - 2/23

1. NEW
ENGLAND
HIGH
INCOME
MULTIFAMILY
FUND
Bristol VT Portfolio Case Study
PROPERTIES OVERVIEW
Purchase price (7/2022) $835,000
Purchase Price Per Unit $75,909
Sale Price at 8%n(8/23) 1,489,672
Projected Hold Period 12 Months
Historical NOI $63,630
Post-reno Stabelized NOI $118,500
The 3 Bristol properties, a total of 11 units were acquired off-market together for $850,000 as a part of the Otter Creek
Portfolio in August of 2022. Projected projected growing average rent by 25%, instead we grew it by 39% in half the time. At a
8% cap rate (vs a 7% cap appraisal) the valuation is $1.49MM.

2. Step 1. Safety Items Addressed in July/August 2022
● The first thing we worked on is what we classified as safety issues
● We checked and replaced all the nonworking gfi receptacles
● We removed all the flammable paints and chemicals from the boiler room
● We removed all the flammable paints and chemicals from the boiler room
● We added smoke alarms in all the bedrooms as there was none
● We cleaned the storage shed of years of junk

3. Replaced collapsing ramp.

4. Removed and replaced the worn-out carpets

5. New Carpet installed

6. Example of Before - the “Cat Lady” Apartment

7. More pictures Before Pictures
Rat hole in living room

8. After Unit Renovations: LPV Flooring, Stainless Steel appliances, new carpets, painting, bathrooms, reface cabinets.

9. Example Unit Renovation In Progress
Bathroom 110 volt outlet
that was connected to 1
side of a 220 volt breaker

10. Example Unit Renovation In Progress

11. Example Post Renovation Picture

12. Renovated Kitchen

13. More After Photos

14. After more than 2 and a half months the tenants t on October 5th from apartment 3 so we could start remodeling that one
We worked back and forth from 3 to 5 as we could only work in ether one of them for short time due to cat urine in
5 and smoke in 3

16. Post Renovation Apartment Example

17. Cost Savings Through In House Construction
2 to 3 weeks
project Start date
802-989-7677 Silver Maple Construction, LLC july $31,000.00plus materials ,electric,plumbing
803-545-6000 Multy Builders april $28,000.00plus materials ,electric,plumbing
802-453-4044 Roundtree Construction didn't want to do it
892-349-9008 New Haven Builders Inc. spring maybe $33,000.00plus materials ,electric,plumbing
Based on the lowest estimate, we saved approximately $25K per apartment!
3rd Party Bids per unit cost