Investing in Renovation: Two Brothers Return an Historical Apartment Complex to its Former Glory
“What's old is new again” or so the old saying goes. In this case, the old Delaware Court apartment complex in Anderson, IN was built in 1926 and had fallen far from its glory days. Brothers Cory and Chris Mendez, saw past the damage that time had inflicted and saw the possible treasure – or potential that lay within this historical building.
Profiled recently in this IBJ article, the Delaware Court Apartment complex was rescued by two Fort Wayne brothers who have experience in both investments and construction. Cory Mendez owns Triton Investment while his brother Chris Mendez owns Alpha Construction, which is doing much of the renovation work. The renovation itself comes in at an estimated $1 million, not including the purchase price.
The complex was open until only a few years ago when it fell into total disrepair and became the sort of neighborhood eyesore that is all-too-frequent in cities. Tagged by graffiti, a haven for vagrants, and even a victim of possible arson, the Delaware Court complex could have ended up another historical site razed by the city to make room for progress.
Progress in this case came in the form of the Mendez brothers who saw the potential in returning the complex to its former status as an upscale dwelling. Before purchasing the property, the property was secured to keep out unwanted visitors as well as inspected to ensure a sound foundation. The buildings' foundation was solid, meaning good bones for this “facelift.” The property boasts three buildings with 43 apartments that could easily draw in eager renters if properly renovated. To that end, Mendez consulted historical society documents and is even hoping to use some original wood in the renovation. He has also talked with local Anderson residents. In its heydey, the Delaware Courts property was an impressive place to call home. The goal is that after the renovation it will once again be a sought-after residential address.
If you missed my last blog "The Millennial Impact on the Real Estate Market" it looked at the impact of the millennial generation on real estate; interestingly, lately the city of Anderson is betting big that millennials may bring their increased spending to downtown...which may include the soon-to-be-restored Delaware Court Apartments!