Group of friends bought an abandoned high school in Pennsylvania for $100,000 and turned it into a stunning 31-unit apartment building
- Jesse Wig, Adam Colucci, Dan Spanovich bought the abandoned school in 2019
- The high school in Homestead, Pennsylvania was purchased for $100,000
- Classrooms became modern apartments and auditorium is now a shared space
- They had considered a wedding venue, a beer garden, and even WeWork space
Three friends bought an abandoned high school in Pennsylvania for $100,000 and turned it into a stunning 31-unit apartment building, complete with gym and shared living space.
When 34-year-old real estate agent Jesse Wig saw that the school in Homestead, Pennsylvania, was listed for sale in 2019, he saw an opportunity, according to CNBC.
Wig and Adam Colucci, a 35-year-old real estate investor and owner of an audio-video business, considered several options for the building, including a wedding venue, a beer garden, and even WeWork space.
Dan Spanovich, a 41-year-old developer and multifamily property manager, joined the team and after two years, the former high school was turned into an apartment building with 29 one-bedroom units for around $1,400 a month and two two-bedroom units for up to $1,650.
Dan Spanovich (left), Jesse Wig (middle) and Adam Colucci (right) bought the abandoned high school in 2019.
A group of millennials revealed that they bought an abandoned high school for $100,000 and turned it into a 31-unit apartment building.
Real estate agent Jesse Wig said he bought the school, based in Homestead, Pennsylvania, in May 2019 during a recent interview with CNBC Make It. While trying to decide what to do with the space, he connected with Adam Colucci, a real estate investor.
“I was made aware of the school, and to be very honest, I wasn’t sure what made the most sense to do with the building,” he said. “But for that price, I had to acquire it and hoped we could come up with a good option in the future.”
Colucci then explained that after “two years” of going back and forth on what to do, they ultimately decided to turn the high school into a “residential” space. So, they reached out to Dan Spanovich, a developer and multifamily property manager, for help.
Although Spanovich said that he knew that converting the high school would be “a challenge,” he and his peers were up for it.
“We were willing to take a risk regardless of what use we would have for it,” he explained. “We knew that at this cost, we would be able to find some use for it that would generate enough return to satisfy everybody.”
As a result of the renovation, the former high school classrooms turned into modern apartments, with washer and dryers in units, and the auditorium became a shared living room space. Wig, Colucci, and Spanovich also built a gym on the ground floor with a half basketball court, Peleton bikes, and weights.
Despite all the changes that were made, Colucci expressed that it was important for certain parts of the high school to look the same.
“We worked closely with the National Park Services to ensure it kept its historical significance,” he said. “We went out of our way to ensure the school kept its historical look.”
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