From Abandoned School to Luxury Apartments: A $4.5 Million Transformation
Three partners purchased an abandoned high school in Homestead, Pennsylvania for $100,000 and converted it into a 31-unit apartment building. They then bought another abandoned school across the street for $90,000 and spent $4.5 million renovating it into a 33-apartment building. The renovation took 18 months and included converting the gym and auditorium into eight two-story apartments. The partners utilized state and federal tax credits and are currently at 85% occupancy, turning a profit. The buildings offer amenities such as a double-decker garage, rooftop deck, basketball court, and gym. The partners have no immediate plans for another project but are open to future ventures.
