Accelerated Real Estate Investor · Accelerated Real Estate Investor Podcast

351: Case Study: Spending $2M to Scale CapEx

·30 min·2 clips

He lists the specific upgrades—like white shaker cabinets and LVP flooring—that allowed rents to jump from $650 to nearly $1,000.

This solo episode features host Josh Cantwell detailing a $2 million capital improvement project at a 296-unit Cleveland apartment complex called Steward House. Cantwell, a syndicator and coach, uses this case study to explain his company's process for executing large-scale renovations. He aims to demonstrate how they overcome common challenges like labor shortages and supply chain issues. The property at 14411 Triscuit Road was purchased for $16.3 million with existing blended rents around $600 per month. Cantwell's firm budgeted $2.75 million for renovations, with a loan covenant requiring completion within two years. They have processed five bank draws totaling over $2 million in eight months, renovating 140 units. Specific improvements include installing white shaker cabinets, LVP flooring, new boilers, and over 400 windows. The project also addressed pest issues, outdated commons areas, and hazardous boilers described as a fire risk. A key insight is using a detailed 24-item due diligence checklist covering roofs, parking, HVAC, and signage. Cantwell explains they leverage lines of credit from suppliers like Lowe's to finance materials before bank reimbursement. He emphasizes maintaining multiple dedicated renovation crews, including W-2 employees, to ensure consistent labor. The renovations have increased the average blended rent from approximately $650 to $836 per month, a 28% jump. This represents achieving about 60% of their pro forma rent goal within nine months. Cantwell calculates this rent increase as a 37% annualized gain, attributing it to the comprehensive unit and property upgrades. He argues that in Midwest markets with limited new construction, such deep value-add projects can achieve new-construction quality at a lower basis. The episode's tone is instructional and confident, blending a step-by-step tutorial with promotional asides for Cantwell's coaching services and live events. The style is direct and data-driven, with Cantwell frequently referencing specific budget line items and financial metrics. Real estate investors interested in value-add multifamily strategies or large-scale project management would find this episode highly relevant. Listeners seeking a critical analysis of real estate syndication or those opposed to promotional content within educational podcasts might choose to skip it.

As heard by us

A numbers-first look at a 296-unit Lakewood deal and the capex behind it.

Josh Cantwell centers the discussion on one Lakewood asset, 296 Triscuit, and keeps the focus on the work itself. The numbers carry most of the weight: a $16.3 million purchase, about $2.75 million set aside for improvements, more than $2 million spent in the last eight months,…

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Use this when you want a hard-numbers, operator-level walkthrough of one 296-unit garden-style value-add deal.

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