Harlem Multi-family Portfolio

Harlem Multi-family Portfolio

Synapse and its investment partners repositioned two multi-family buildings located in the Hamilton Heights area of Harlem. During the 20-month hold period, Synapse increased the rent rolls on the portfolio by a blended 38% and completed a comprehensive capital improvement program at each property. Building upgrades included: common area renovations, security system replacements, boiler overhauls, and a full façade renovation (inclusive of new front entrances).

The portfolio was sold in the Summer of 2015 for a deal level IRR of 33.6% and Cash Multiple of 1.62x.