Rice Pegher

🚀 𝗣𝗿𝗼𝗷𝗲𝗰𝘁 𝗦𝗽𝗼𝘁𝗹𝗶𝗴𝗵𝘁: 𝗩𝗶𝗿𝗴𝗶𝗻𝗶𝗮 𝗝𝘂𝗻𝗰𝘁𝗶𝗼𝗻

Six months ago we acquired a 152-unit value-add multifamily community in Baden, PA. Here's the story since.

The six-month progress report:
✅ Onboarded the property to 𝗥𝗲𝗹𝗶 𝗣𝗿𝗼𝗽𝗲𝗿𝘁𝘆 𝗠𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁, smoothed lease terms to break up renewal concentration (40 renewals in March! Yikes!)
✅ Hired two full-time maintenance technicians on-site
✅ Locked in recurring vendor contracts for marketing, snow removal, landscaping
✅ Rolled out the CapX plan: new parking lots, exterior building improvements, landscaping, leasing office, common area upgrades, unit turns, HVAC, signage, new property website
✅ Construction team developed a unit-turn and material pipeline to hold momentum through summer

Every redevelopment has a surprise. Ours was a new underground water management system to protect the Heights foundations long-term. It won't raise rents, but it protects the asset. We offset the cost with ingeunity and better-than-expected roof conditions. That's the upside of conservative underwriting and an in-house construction team that can pivot in the field.

Virginia Junction represents our playbook in one project: acquire below replacement cost, execute a disciplined CapX plan with in-house construction, manage operations through Reli Property Management, lease into workforce demand.

Next: finish the CapX plan, hit our 12-month lease-up targets, refresh marketing as units come online. 🤝

🚀 𝗣𝗿𝗼𝗷𝗲𝗰𝘁 Spotlight: 𝗣𝗶𝗸𝗲 𝗣𝗹𝗮𝗰𝗲 𝗔𝗽𝗮𝗿𝘁𝗺𝗲𝗻𝘁𝘀

Our motel-to-aparment community redevelopment serving the workforce community in Kennedy Township, PA just hit a milestone we didn't expect for another 15 months...

The Q1 2026 numbers:

✅ 𝟲𝟴% of initial LP capital returned - 𝟭𝟱 𝗺𝗼𝗻𝘁𝗵𝘀 𝗮𝗵𝗲𝗮𝗱 of underwriting
✅ Property appraised $650K above our projected Year 10 value
✅ 70 units, 97% occupied, refinanced into long-term debt

Pike Place Apartments represents our playbook in one project: a value-add asset acquired at a low basis, managed by in-house construction, operated by Reli Property Management, leased into the workforce housing demand we've been writing about.

This is what we mean by 𝗦𝗰𝗮𝗹𝗶𝗻𝗴 𝗧𝗿𝘂𝘀𝘁 𝗮𝗻𝗱 𝗕𝘂𝗶𝗹𝗱𝗶𝗻𝗴 𝗖𝗼𝗺𝗺𝘂𝗻𝗶𝘁𝗶𝗲𝘀. The same project produces real LP outcomes and real housing for families who need it.

Brookside Commons (102 units, Meadville) and Virginia Junction (152 units, Baden) are next. 🤝