Millennial Entrepreneurs Buy an Abandoned High School for $100,000 and Turn It Into a 31-Unit Apartment Building

In a transformative endeavour, a group of millennials undertook the ambitious task of revitalizing an abandoned high school in Homestead, Pennsylvania, turning it into a 31-unit apartment building. The project, initiated by Jesse Wig, a 34-year-old real estate agent, began when he purchased the vacant school for $100,000. Recognizing the scale of the undertaking, Wig enlisted the expertise of Adam Colucci, a 35-year-old real estate investor, and owner of an audio-video business. The duo soon realized the need for additional help and brought in Dan Spanovich, a 41-year-old full-time developer and multifamily property manager, to join their collaborative efforts.

Despite facing challenges such as large hallways, staircases, and unique spaces like a gym and auditorium, the team successfully transformed the high school into a 25,000-square-foot apartment complex, boasting 31 units. The revitalized building, which officially opened its doors in October 2021, achieved full occupancy within six months, highlighting the demand for unique living spaces in the area. The development includes 27 one-bedroom apartments and four two-bedroom apartments, showcasing the adaptive reuse of the school’s existing structure to meet the needs of modern residential living.

In their commitment to sustainability, the team implemented solar panels on the school’s roof, contributing to a reduced environmental footprint for the apartment building. The finished project not only stands as a testament to the millennials’ vision and dedication but also serves as a model for repurposing abandoned structures to meet the contemporary demands of urban living. With rent ranging from $1,400 for one-bedroom units to $1,650 for two-bedroom units, the Homestead apartment building represents a successful and innovative approach to real estate development, demonstrating how millennials are reshaping and reinvigorating neglected spaces in their communities.


Leave a Reply

© 2024 Home Design, Garden & Architecture Blog Magazine. All rights reserved.