Three guys buy abandoned school for £83,000 and transform it into incredible block of apartments
Three guys bought an abandoned Pennsylvanian high school and turned it into a stunning apartment block.
Jesse Wig, Adam Colucci, and Dan Spanovich purchased the abandoned high school for US $100,000 (AU $147,565; £82,968) and transformed it into a 31-unit apartment building.
Talk about a smart investment.
You can see the school's stunning transformation in the video below:
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From the outside, the building still very much looks like a school; however, the inside boasts luxury modernised apartments complete with a gym and shared living space.
Wig, a 34-year-old real estate agent, thought of the bold plan to buy the property after seeing the school listed for sale.
Colucci, a 35-year-old investor, began considering several options for the space, which included turning it into a wedding venue and beer garden.
However, once the two friends enlisted the help of Spanovich, a 41-year-old developer and multifamily property manager, they decided to transform the property into apartments.
The school was ultimately rechristened Bowtie High and became 29 one-bedroom units that were rented out for around US $1,400 (AU $2,065; £1,161) a month and two two-bedroom units for up to US $1,650 (AU $2,434; £1,368).
“I was made aware of the school and, to be very honest, I wasn't sure what made the most sense to do with the building," Wig told CNBC's Make It.
“But for that price, I had to acquire it and hoped we could come up with a good option in the future.”
Colucci added: “We had big eyes, and after two years of spinning our wheels, all the professionals told us that the end of the road is going to be residential."
However, Spanovic admitted to the outlet that their work was cut out for them.
He said: “These old buildings can be very challenging to convert.
"We were willing to take a risk regardless of what use we would have for it. We knew that at this cost, we would be able to find some use for it that would generate enough return to satisfy everybody.”
Six months after the apartment made its debut on the market, it was fully leased, allowing the three friends to split the profits.
Since then, the pals have bought two more schools, which they planning to rebuilt into apartments as well.
The trio continue to document their renovation journeys on TikTok.
Charisa Bossinakis