Acquired in 2011 for $3.8 MM, Vesta Lofts was a historic redevelopment of the Vesta Battery Corporation Headquarters. This 100+ year old, 65,000 square foot brick and timber warehouse was transformed into 59 loft apartments, 7,700 square feet of retail space and a surface parking lot.
After years of successful operation, Vesta Lofts, was sold in the beginning of 2020 for $27 million. The successful sale netted a 32.7% IRR equating to a 30% annual cash on cash return and an overall 6.7x on invested equity.
Vesta Lofts was a joint venture between JK Equities, LLC, OAK Capitals, LLC and Time Equities, Inc