We’re excited to share a 5-minute video update from the team at Neighborhood Ventures, showcasing the early renovation milestones at Venture on Maryland. It’s a great behind-the-scenes look at the progress so far.
Key Highlights
- New Leasing Office Created: A former breezeway was enclosed to create a welcoming new leasing office. The old leasing office will be converted into a rentable unit, increasing the value of the building.
- Exterior Upgrades: The building has been repainted bright white, with new lighting fixtures and new sign out front, improving curb appeal. Landscaping was significantly improved, with green lawns and fresh plantings replacing brown patches and dirt left by the previous owner.
- Apartment Unit Renovations & Rents:
- 17 renovated units have already been renovated and leased, mostly to existing tenants, eager to upgrade.
- Features include quartz countertops, stainless appliances, new cabinetry, and walk-in showers.
- Rents are coming in at $1,550/month, exceeding the original $1,450 underwriting due to strong demand.
- Before-and-After Transformation: The video gives a side-by-side view of what the original units looked like — outdated, musty, and dark — compared to the clean, modern spaces now being delivered.
The project is off to a strong start with solid leasing momentum, high tenant satisfaction, and visible physical improvements that align well with our value-add business plan.