Portugal Mews was my first multi-unit real estate deal and taught the me the importance of internal controls and processes in achieving a successful outcome.
The street was arguably the worst street in Fells Point. All of the homes were sub-par rental properties, all two bedroom with one bath, some with no central heating or air conditioning.
The company’s goal was to buy, stabilize, and renovate the units over a two-year period.
After the first four renovated homes sold, the decision was made to demolish everything but the facades of the remaining houses.
The front elevations of the homes were the only things unchanged. The new product sold was upscale, with many features standard rather than options.
We bought 14 units for $897,000, invested an additional $800,000 – and sold the homes for an average of $237, 000 each, while retaining five units for rental and selling one as a shell.