1440 Main Street, Waltham MA
Ferris Development acquired the Main Street Properties in March of 2015. A fully stabilized investment, the properties were under managed, with deferred maintenance and a need for a repositioning strategy in the market due to the near term lease exposure. Along with its construction partners, Ferris Development put to work an extensive capital improvement campaign including base building work, new roofs, new windows and frames, updated amenities, common areas and restrooms. The team hit the ground running during Due diligence and the fast tracking of the entire capital campaign has already proved successful with rents at the property climbing well above 10 % from acquisition underwriting. The capital campaign and the timing of purchase has this asset repositioned to thrive in the marketplace. The value of the asset has increased 30% within the first 12 months and investors should be able to recognize significant returns commencing in 2017.