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Edgeworth 

LOCATION

200 Edgeworth Street, High Point, NC 27262

PURCHASED

February 2024

PRICE

$850,000

SOLD

June 2025

PRICE

 $1,475,000

NUMBER OF UNITS

17

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Edgeworth is 17-unit garden-style condominium community set in centrally located High Point, North Carolina, with convenient proximity to the mountains and the beach. In February 2024, Rigamax acquired Edgeworth, a Class-C property, for $850,000.

 

In just over a year, Rigamax had successfully upgraded the property to Class B through capital improvements to the exterior and common areas as well as the condo interiors. Outside renovations included refreshing the landscaping, adding new community branding & signage, new mailboxes, new gutters and down spouts, and a new roof. In-unit renovations included new kitchen cabinets and countertops, new stainless-steel appliances, new hardware, luxury vinyl plank flooring, and new HVACs as needed. This full community enhancement resulted in an average per-unit rent increase of 103% (from $440 to $895) and Rigamax was able to sell Edgeworth in 2025 for 187% gross IRR.

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“We believe one of the keys to our success is that we do less than 5 deals a year. The reasoning behind this, is it allows us to be meticulous about finding properties with equity at closing.”

Max Sivohins,

Founder

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