126 Governor Street
Single-family to multi-unit conversion leveraging zoning modifications through partnership with city and state officials. Exceeded projections by over 2.5x.
Financial Overview
Key metrics and investment performance
Projected ROI
25%
Project-Level ROI
65%
Total Units
11
Equity
$575,000
Construction Costs
$1.6M
Appraised Value
$4,000,000
These results describe a specific asset. Investor-level returns vary by vehicle structure, entry timing, fees, leverage, and distribution policy.
The Project
Veloce Capital leveraged partnerships with city and state officials to enable zoning changes permitting conversion of a single-family property into a multi-unit development. The project's coordination with local stakeholders exceeded financial projections while completing on an accelerated timeline.
The key to this project was navigating the zoning process. By working directly with city officials and demonstrating the community benefit of increasing housing density, Veloce Capital secured the approvals needed to transform an underutilized parcel into an 11-unit income-producing asset.
Timeline
Key dates and milestones
acquired
September 2023
completed
October 2024
equity Repayment
May 2025
Key Milestones
What we delivered
Secured zoning modifications through city and state partnerships
Converted a single-family parcel into an 11-unit multifamily asset
Construction completed in under 18 months
Delivered 65% project-level ROI versus a 25% projection
Stabilized and repaid equity on schedule
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