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Blueberry Hill
We acquired this 21-acre property in Kenoza Lake, NY in 2021, and sold it in two separate transactions a little over two years later. When we acquired it, the property had scale, privacy, and a great mix of meadow and forest land, but it was still raw land and undifferentiated. A buyer would have had to figure out access, subdivision potential, septic feasibility, where to build, and what the property could actually become.
Location
Kenoza Lake, NY
Acreage
21 Acres
Strategy
Subdivide, Improve and Entitle
Results
Sold for 2.75x MOIC after 18 months
Challenge
During our ownership, we completed a minor two-lot subdivision and created a shared driveway serving both parcels. On the rear 17-acre parcel, we built an off-grid ADU and paired it with permitted plans and septic approvals for a future main house. That gave the buyer something rare: a large, private acreage parcel with a small home they could use immediately while building the primary residence, plus future flexibility to use the ADU as a rental, guest house, or overflow space.
Solution
We also sold the lower 4-acre parcel as a fully visualized homesite, with home plans, septic design, and a clear development concept already in place. That buyer had a much clearer path to creating a short-term rental property, with enough planning work completed to understand the project, underwrite it, and move forward with confidence. Together, the two sales turned one raw 21-acre parcel into two buyer-ready development opportunities, with the rear 17-acre parcel selling at a 2.5x MOIC and the lower 4-acre parcel selling at a 2.0x MOIC.
Result
That’s what made Blueberry Hill a strong example of how we think about rural land. We did not just buy acreage and wait. We clarified the path. One buyer got an incredible private property with a tiny home they could use right away and a clear route to building the main house. The other buyer got a de-risked path to building an income-producing rental property. And our investors earned strong returns because we turned one hard-to-understand rural parcel into two legible, buildable, buyer-ready properties.
