Friends purchased an abandoned high school for $100,000 and remodeled it into beautiful apartments.
It’s amazing to see what they accomplished with it. 😲
What are the benefits of buying an abandoned school as an investment?
Three friends who work in real estate heard about an abandoned high school in Homestead, Pennsylvania. They decided to buy it and used their money together to renovate it.
Adam Colucci, Jesse Wig, and Dan Spanovich bought the high school building for $100,000.
They spent around 3.3 million dollars to transform the space into a 31-unit apartment complex with amazing features.
A building that was empty for 10 years has now been made into a nice place to live.
They collaborated on the project.
Adam Colucci created the plans for the apartments and worked closely with the National Park Service to maintain the building’s historical importance and get a tax credit for it.
They kept the 12-foot-high ceilings, old porcelain crown moldings, and terrazzo floors, among other things.
Jesse Wig was responsible for the overall look and feel of the shared areas.
They changed the auditorium into a place for studying and recreation, while still keeping the same layout and flooring.
The school’s gymnasium was changed into a fitness gym. It had all the weights and equipment on one side, and the other half still has the original basketball court and ring.
The building has 27 one-bedroom apartments and 4 two-bedroom apartments.
CNBC Make It made a video that shows us the inside of something!
Jamie Foxx has been released from the hospital and is now recovering, according to his daughter.
Jesse strolled through one of the rooms, and it quickly gave you the feeling of motion and energy.
You go into the kitchen, which is L-shaped, and you see a quartz countertop that is clean, white subway tiles, and shelves that are not closed.
Walk to the end of the kitchen counter and continue through the living room.
The living area is very roomy.
This classroom was old, so they kept the blackboard as part of the design. It adds an interesting touch.
The tall ceiling and windows gave the room an illusion of being larger than it really was.
The bedroom looks great with all the natural light coming in.
They kept all the windows to use the sunlight to light up the room instead of relying on light fixtures.
This apartment has plenty of storage space, and a big walk-in closet with a washer and dryer.
They chose a great design for the bathroom with a round mirror, single-bar lighting, and dark hexagonal floor tiles.
Dan Spanovich was the manager in charge of the entire project and construction, and he had an understanding of the total cost of the renovation.
The team acknowledged that they didn’t anticipate spending more than their allotted $2 million for construction.
They paid out of their own pockets and split the cost according to their amount of work on the project.
The same applies to the building’s profit.
All the money they get from Bowtie is now being used to fund their next project, the Schwab School, which is just across the street.
They bought the property for $90,000 and got a mortgage of $3.25 million, but they thought that fixing it up would cost more than that because it was in worse condition than the Bowtie.
They want to build 31 one-bedroom homes and complete the project by July.