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PITTSBURGH, PA, May 06, 2013 /24-7PressRelease/ -- A necessarily quick, one-year project on a deteriorating Pittsburgh building met its end goal this week, when the property attained a signed lease on its 12th freshly renovated unit.
With an extremely unfortunate and untimely death of a building's owner came financial relief to the departed's kin and safe and appealing living situations for 12 families.
Jason Cohen, an entrepreneur in the real estate investment business for a decade and Chief Consultant at Jason Cohen Pittsburgh, is constantly eyeballing a selection of prime-location properties in Pittsburgh, Pennsylvania. He has dedicated his resources to community and residential renovations; these efforts and sacrifices have resulted in quantitative success and financial and lifestyle profitability for his tenants, clients, and business.
After the 12-unit community's previous owner and a long-time language instructor at the University of Pittsburgh was tragically killed, her property in the highly desirable hub of Pittsburgh's Southside went to family members, who, reasonably, lacked real estate experience and the resources to continue property maintenance. Cohen had actually been in contact with the building's previous owner for a couple of years to discuss purchasing the property.
In 2011 Cohen became the community's new owner at full asking price, after it being under transitional ownership for over a year. The visually obvious poor condition and professional inspections provided some catastrophic results. Some findings include (and are pictured):
- 8-10 squatting occupants in each of the 12 units
- Excessive termite and cockroach infestation
- A crumbling foundation
- A severely damaged and collapsing roof
- Exposed electrical junction boxes
Cohen describes the building's condition as "Incredibly dilapidated, run-down, and very dangerous. I was shocked to note the infestation of insects, rodents, and even squatters! The roof was collapsing, electrical boxes were opened, [and] roaches were everywhere. Several potentially life-threatening aspects were present."
Cohen acted on the building's renovation within 24 hours of inspection reports. Although he offered to honor each tenant's lease throughout repairs of the property, over 85% of them fled the building within the first month; it was learned that only two occupants of the property were legally on leases at Cohen's acquisition.
Renovation highlights (pictured):
- Engineering analysis and structural repair of the foundation
- Incredible extermination techniques
- Roof and ceiling repair
- Complete interior gutting, later filled with modern, clean-feeling accents
- Application of new vinyl siding
- Construction of a beautiful courtyard, which is quite rare in the Pittsburgh area
Cohen's crew and several licensed contractors superbly collaborated to execute a swift and efficient building project resulting in passing safety inspections, modern aesthetics, and jovial tenants on legal leases. "It was incredible to me," Cohen states, "how the crews came together with a parallel vision for the property, and minded the importance of their safety and tenants' safety without breaking stride." Rental costs are now in line (after rising a warranted near-300%) with the rest of the Southside. Area residents are delighted for their neighborhood to again launch its once-exclusive appeal.
As of May 1, 2013, the property, pending the name Colonial Courts, in honor of the Latin American background of the property's two most recent owners, is 100% occupied with a thankful group of fresh tenants.
"The courtyard is absolutely beautiful. The building's condition now compared to how I knew it before is amazing and my family is very happy to be here."
"I hear they did some serious work on this place. I can tell you that I love my apartment and my visitors comment on how fresh it looks. I am lucky I got into this location."
-Regina Mattocks, tenant
Cohen has further established his business and reputation through flipping Pittsburgh communities for outrageous profits and remaining genuinely conscious of the local communities' wants.
Acquiring his first commercial property in 2004, Jason Cohen of Jason Cohen Pittsburgh started one of the most rapidly growing small to mid-size multi-family real estate acquisition groups in the Pittsburgh market. As a consulting group, Jason Cohen Pittsburgh strives to unite and package together specific real estate strategies tailored to the unique financial situation and goals of each client. Jason Cohen owns several buying entities, and represents several investors who have consistently returned for further consultations. Cohen's group sets themselves apart by the custom, individualized process it takes for every client to succeed in their real estate activities from start to finish.
Jason Cohen can be reached at firstname.lastname@example.org, (412) 812- 1578, or by visiting his forum and website at www.jasoncohenpittsburgh.com.
Jason Cohen Pittsburgh
Jason Cohen Pittsburgh
Jason Cohen Pittsburgh is a consulting forum for Jason Cohen and others to unite and package together specific real estate strategies tailored to the unique financial situation and goals of each client. Please contact us at email@example.com or (412) 812-1578.
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