- A group of millennials in Homestead, Pennsylvania successfully purchased an abandoned high school for $100,000 and converted it into a 31-unit apartment building.
- The group worked closely with the National Park Services to maintain the historical significance of the building and received historic tax credits from the federal government and the state of Pennsylvania for the renovations.
- Rent for the apartments ranges from $1,400 to $1,650 per month, and the building was filled with tenants within six months of being put up for rent.
A group of millennials described in a detailed article by Amber Raiken from The Independent recently purchased an abandoned high school in Homestead, Pennsylvania for $100,000 and converted it into a 31-unit apartment building.
Real estate agent Jesse Wig, along with Adam Colucci and Dan Spanovich, worked to transform the former high school into modern apartments while preserving its historical significance and receiving tax credits from the federal government and the state of Pennsylvania.
The building now has 27 one-bedroom units and four two-bedroom units, all with washer/dryer sets, and features a shared living room space in the former auditorium. It also includes a gym on the ground floor with a half basketball court, Peleton bikes, and weights.
Despite the many challenges of the renovation, the building was fully rented within six months of being available for lease, with one-bedroom units at $1,400 per month and two-bedroom units at $1,650 per month.
In addition to this project, the group has purchased two more schools, and plans to create 33 residential units in the second school. The motivation behind these projects is not just the moderate financial gain, but also the desire to improve and revitalize the local community.