A developer bought a bankrupt 109-unit senior living facility in Evansville, Indiana for $750,000, secured a $2.5 million city grant, invested $4 million of their own money, and converted it into 60 market-rate apartments now worth $10 million.
bought it for $750,000. So we had a deal come across our desk. It was a 109-unit senior living facility that had gone bankrupt up in Evansville, Indiana. Anyway, it comes across our desk early last year as a, hey, you know, the city wants something done with this property. So we looked at it online only. And I bought that building. It's a 66,000-square-foot, 4-story with a basement. Building, I bought it for $750,000, went to the city and said, I'm buying. And this is downtown Evansville. So I don't wanna buy this building. I'm gonna convert it to apartments. I'm a, and I kind of give my resume, but I need some money. I need some help from the city. So I know you guys do a lot of, uh, inner, inner district, uh, inner city grants and all that stuff. And they said, well, we don't have any money. We're out. Long story short, went to the mayor and said, hey, I need help. We're gonna do this deal. This is what I'm gonna do. I'm gonna put about $4 million into it, but I need some money from you to do this. Calls me about 30 days later, says, hey, I've got $2.5 million I'll give you on a grant, but you better make this thing happen. We jumped in, got it done, flipped or converted that thing into a 60-unit apartment complex, and it is now rocking and rolling, worth about $10 million.
