Take a look inside an abandoned school turned apartment building
Jesse Wig, Adam Colucci, and Dan Spanovich purchased two abandoned schools in Homestead, Pennsylvania, in 2019 and 2020, converting them into apartment buildings. The first, Bowtie High, was bought for $100,000 and renovated into a 31-unit building, and the second, Schwab School, was bought for $90,000 and transformed into a 33-apartment building. The Schwab School renovation was more complex and cost $4.5 million in total, including a $3.25 million mortgage and $1.25 million of the trio’s own money. The building is currently at 85% occupancy and turning a profit. The partners are also awaiting potential state and federal tax credits for the project.
Leave a Comment