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FIDES Investment, LLC (“FIDES”) announces the sale of El Capitan and Granada, two vintage rehab properties totaling 52 units located in the heart of Uptown Minneapolis. FIDES joint ventured with CPM and a privately held investment firm.  The properties were purchased in September 2014. The sale price equated to $160,000/unit.  The average property level return equated to a 17% IRR and a 1.6x multiple. “Our strategy was to improve unit interiors, common areas and rebrand both properties to offer a mid-priced ‘upgraded vintage style’ floor plan that was not available in the Uptown market.  At time of acquisition, the sub-market consisted of expensive brand new and lower cost un-renovated vintage buildings. Approximately 40% of the apartment units were renovated along with common areas which translated into a total revenue increase of approximately 37% from takeover to disposition.    The A+ location of these properties along with the unique upgraded vintage product offering were key components in the success of this investment,” said Gregg Handrich of FIDES.  FIDES oversaw the acquisition, renovation, asset management and sale process for the venture.