8426 Tidewater Drive

8426 Tidewater Drive is a 20 unit apartment complex located in Norfolk, Virginia. In 2020, this Project was purchased by Uptime LLC, an affiliate of Mr. Capon’s, for approximately $975,000 through a combination of debt financing together with approximately $275,000 from a syndicate of 3 private equity investors and was quickly improved physically and a professional management company was hired. Additional planned major capital expenditures include a new roof, siding, exterior painting, and complete interior renovation of 8 units to include flooring, paint, new cabinets, stainless steel appliances, and updated fixtures. The average monthly rent at the time of acquisition was $550 per unit. After renovation, the units now rent for an average of $800 per month. Due to the increased monthly cash flow and value, Mr. Capron recently sold his equity stake in Uptime LLC to his partner based on a Project valuation of $1,500,000.

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