Coronado
Location: Center City, Philadelphia
Size: 33 Units
Project Type: Conversion of rental units to for-sale condominiums
Ownership Structure: Wholly owned
Total Projected Investment: $7.3 million
Status: Complete
The Coronado is an apartment building in Center City Philadelphia that had been converted to condominiums in the 1980s. Since that time most of the units had been held by a single owner and rented out. Iron Stone acquired 33 of the units and undertook improvements to the apartments and common areas to sell the apartments to individual owners. Iron Stone completed the common area renovations in less than four months. These improvements included refurbishing the marble lobby and entrance way, installing a new "classic style" mahogany elevator cab, power-washing the building's facade, purchasing a new awning, painting and decorating. The repositioning of the building was finalized with the addition of seven day a week doorman and concierge. With the improved cosmetics of the building and the updated finishes and fixtures in the units, Iron Stone was able to market the units to higher-income purchasers at a significant profit per unit. The project produced a 1.8x return on equity in 29 months.
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