Bridger PenningtonFund Launch & Investment Expert

Reduced Crime Around Their Business | Bridger Pennington

17 Nov 2023 · 1 min

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In this anecdote, a buyer acquires a distressed 1,200‑unit, C‑class multifamily complex in North Las Vegas that is only 48% occupied and plagued by crime. To revitalize the property, they first install a perimeter gate and offer police officers a 50% rent discount to live on‑site, attracting three officers in the first month. They then repurpose the nine clubhouses into community amenities—a daycare, a computer/library with college tutors, a workout facility, and a 24/7 kitchen/coffee/donut lounge for officers. These amenities raise rents and draw police presence, which deters drug activity and other crime. Within about 18 months the occupancy climbs to roughly 98%, and the property is sold for a large profit, illustrating how a real‑estate fund can generate substantial returns by improving safety and community services.

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So they bought this one, 1,200 units, 9 clubhouses. It was 48% occupied, distressed C-class multifamily. North Las Vegas, tough part of town, a lot of crime. So they said, we gotta clean this place up. So the first thing they did, put a gate around the whole place. He then said, any police officer that moves in, we'll give them 50% off their rent. So 3 cops move in the first month. They take the clubhouses, they turn one into a daycare center. They took another one, they made it a computer center with a library. They had tutors from the local college come and tutor kids. They took another clubhouse, they made it into like a workout facility. So rents jump, but then they doubled down. And there's still some crime. They take the corner unit, Get this. They make a full kitchen. They say any cop can buy fresh donuts, coffee, place to chill whenever you want. There's free food there whenever you need for any police officer in the city can come in 24/7. Cops are now rolling in multiple times a day. Guess what? Anyone doing drugs, crime, whatever, they move out. This place was 98% occupied within about 18 months. They sold it for a huge profit, made a ton of money on this deal. That's the power of having a fund.