HomeVestors Makes Over Dilapidated Multifamily Project in Partnership with City of San Bernardino
(Photo: Business Wire)\nBuilt in the 1960s, the complex spent years in a state of disrepair as one of the area\xe2\x80\x99s most troublesome residential properties.
An independently owned and operated HomeVestors® franchise in San Bernardino, California completed a dramatic $2 million makeover on a 44-unit apartment complex that had been a blight on its local community. The property, which neighbors an elementary school, had been a public health hazard and shut down by the City of San Bernardino when franchises Berto Ramos and Manuel Ramirez took it on with their “We Buy Ugly Houses®” mentality.
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We Buy Ugly Houses completed a beautiful $2 million makeover of a 44-unit apartment complex that had been a blight on its local community. (Photo: Business Wire)
Built in the 1960s, the complex spent years in a state of disrepair as one of the area’s most troublesome residential properties. So far beyond code that apartments were left with no running water, windows or electricity, the City had forced the mostly absentee previous owner to surrender the property. Ramos and Ramirez purchased it and completely renovated it to not only meet code, but to also reach the highest level of quality in local rentals. In addition to a new water and sewer system and heating and cooling upgrades, each unit now has its own heating and air conditioning system, water source, and shutoff valve.
“This property had been a challenge for the City on a daily basis for years before we took control. Given the extensive problems the last owner let go unaddressed, the City was weary about who to entrust it with – they knew its state at the time was wrong, needed someone to fix it, and didn’t want to end up with a similarly delinquent landlord,” said Ramos. “The truth is, it takes real estate investors like us to help change these community situations. Law enforcement, the city and the courts can’t bear the full burden. Someone like us needs to invest the attention and capital, treat the neighborhood with respect, and give them what they need, which in this case was 44 quality homes for local residents that were previously not available.”
The project was handled by the HomeVestors® franchisees as they would with any of their other ugly house makeovers. Every asset was redone – there were just a lot more kitchens, bathrooms, and bedrooms. Public areas were made over, including the addition of new courtyards, play areas, and barbecues. The property, once viewed with trepidation by teachers at the school next door, became a clean and safe haven for families. Reopened in March, the renamed Golden California Apartments are already 80 percent full and expected to be at occupancy this month.
“People are hurting, rents are skyrocketing, and that makes it even more important that we repair a property like that so people can live there,” said Councilman Damon L. Alexander, whose seventh ward includes the Golden California project. “There’s no reason any San Bernardino resident should not have a good place to live, and there’s no reason why other residential properties in the city can’t be upgraded the same way.”
This was one of nearly 10,000 properties purchased by HomeVestors last year, which is America’s Number One Home Buyer. More than 80 percent of houses HomeVestors purchases are less than 1,400-square feet and were built before 1980, though some are multi-family homes like the San Bernardino project. Franchises like Bertos and Ramirez generally rehab and sell their homes or hold them as investment properties. Investing capital and attention into existing community assets, We Buy Ugly Houses® local small independent business owners help raise real estate values and drive community revitalization.
Editor’s note: Images of the San Bernardino makeover by HomeVestors / We Buy Ugly Houses are available here.
About HomeVestors of America, Inc.
Marking its 25th year, Dallas-based HomeVestors of America, Inc. is the largest professional house buying franchise in the U.S. with more than 105,000 houses bought since 1996. HomeVestors recruits, trains and supports its more than 1,150 independently owned and operated HomeVestors® franchisees that specialize in building businesses based on buying, rehabbing, selling, and holding residential properties. Most commonly known as the "We Buy Ugly Houses®" company, HomeVestors strives to make a positive impact in each of its 176 markets. The company ranked on the 2020 Inc. 5000, has appeared for 12 consecutive years on the prestigious Franchise Business Review's "Top Franchises”, for nine years on the annual Dallas 100, and ranked 94th on the 2020 Franchise Times Top 200 Franchise Chains by Worldwide Sales. HomeVestors has also been regularly recognized by Entrepreneur Magazine, which most recently ranked it 16th “Top Growth Franchise”, named it as one of the top 200 franchises of 2020, and placed it at number 36 on its annual Franchise 500. For more information, visit www.HomeVestors.com.
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