Our History

ANDOVER PROPERTY PARTNERS                  2011

After one year of researching all sectors in the real estate market, Andover Property Partners, a private equity real estate investment company, was founded to focus on multifamily properties.

2012                                                                  COBLESKILL, NY

Andover Property Partners acquires its first property.  A dilapidated apartment complex in Cobleskill, NY, that was extensively renovated and repositioned. This allowed us to increase rents and therefore the property value by 30% in the first year.

KINGSTON, NY                                                                       2014

APP acquires an apartment building in Kingston, NY. The property had studio apartments filled with underperforming tenants. Over the ensuing year we upgraded the units and renovated them to 1 bedroom apartments. This in turn allowed us to increase the rents and attract higher quality tenants. By the end of the first year we refinanced the property, which returned 100% of our cash investment.

2015                                                                    SCHODACK, NY

APP acquires an apartment building in Schodack, NY. Resulting from the construction of another apartment and cosmetic renovations where warranted, we increased the rent roll and hence the value of the building by 20% in the first year. The Limited Partners in this property have averaged 18.8% cash-on-cash returns during the first 5 years, which equates to 94% of their initial investment.

WYNANTSKILL, NY                                                             2016

APP purchased an apartment complex in Wynantskill, NY from a noted local real estate developer. Because of our ability to move quickly, we were able to secure this property in one week preempting it from going to the market where it would command a significantly higher price. On day one we began renting out previously unused storage space. Maximizing this overlooked ancillary revenue stream equated to buying 17% more apartments for the same price. Combining that with raising rents to market rates and making economical cosmetic improvements allowed us to increase the rent roll and value of the property by 30%.

2018                                                             SCHENECTADY, NY

APP buys an apartment building in Schenectady, NY. This property was shown only to APP and was placed under contract that same week, preventing the property from going on the market and selling for a higher price. The Limited Partner received 13.3% cash-on-cash in the first year.

KINGSTON, NY                                                                       2018

Our reputation and ability to close allowed us to buy an apartment complex in Kingston, NY despite offering 85% of the highest bid. APP’s research identified significant upside inherent in the property due to below market rents. This enabled us on day one to increase revenue and in turn the distributions to our LPs. Our local market knowledge and further research revealed little known developments in the neighborhood. Buying our complex well before the completion of these properties gave us an early entry into a quickly regentrifying area.

2020                                                           APP MANAGEMENT 

Andover Property Partners created a management subsidiary for its own properties. This allows for further synergistic savings with all of our vendors from snow removal to legal and insurance. Our professional services create long-lasting tenants and give us the ability to better manage the properties we own.