Earlier this week members of the Ada Area Chamber of Commerce celebrated new member Ada Ohio Properties Ltd., a local family-owned real estate development company, with a ribbon cutting ceremony onsite at a recently completed rehab project located at 532 Grand Ave. across from Ada Schools.
Those in attendance toured the newly renovated single-family home, which had been in foreclosure and vacant for nearly a year, becoming an eyesore in the neighborhood, prior to Ada Ohio Properties’ acquiring it in November 2013.
“The property was in tremendous distress when we acquired it. We knew going into it that there was going to be significant investment needed to bring it back online,” (Matt) Brown shared, co-founder and project manager.
“We focused on the roof first, and worked our way down, addressing systems and getting the property stabilized and as energy efficient as possible.” Brown went on to share that they worked with local contractors such as Gibson Construction to install a new metal roof; and also Ada Services to rewire the entire property and upgrade from 100-amp breaker service to 200-amp service, in addition to increasing insulation value.
“We try to keep as much of this local as possible. We learned a lot on this project, and we’ve got a good team of local contractors, lenders, and advisors in place to keep momentum going in Ada,” Brown said. “Our goal is to provide quality, affordable housing in Ada. Energy efficiency is important to us, and to tenants and home buyers.”
The Brown’s began marketing the property while renovations were underway, utilizing social media such as Facebook and email marketing, as well as yard signage and hiring their 8-year old son, Jackson, to walk door to door with flyers.
The day of the ribbon cutting they successfully reached an agreement with a local buyer and the property is now under contract.
“We’re not in the house flipping business, but this property will make a great home for someone and their family, so it just made sense to sell;” and when asked about their next project, Brown shared, “We are considering a few opportunities and are excited to get started.”
Ada Ohio Properties, Ltd. is a multi-member LLC focused on providing quality, yet affordable, energy-efficient and turn-key properties in the Ada area, both for sale and lease. For more information you can visit their website at www.adaohioproperties.com and follow their projects on Facebook at www.facebook.com/adaohio.
