Odin Properties

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Philip Balderston
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Location: Philadelphia, PA
Founded: 2009

Odin Properties

Philip Balderston
Founder and CEO

“I think our biggest innovation has been our ability to find undervalued assets and create apartments for working-class people that are affordable, yet newly renovated and luxurious,” says Philip Balderston, founder and CEO of Odin Properties. “During 2009 and 2010, there were a lot of distressed multi-family assets, and … we saw that these properties had potentially more value than they were trading for, [so] if we purchased them at the right basis, we would be able to upgrade them.”

WORDS OF WISDOM: “We want to create the best value for our consumers, wherever we are and whatever product type we are working with.”

Many of the properties Odin buys are delinquent on real estate taxes or utility bills, which the company then pays off in full. “Once the units are occupied, we’d like to believe that we help bolster the workforce with those folks. … We allow them to be closer to the city, and make their lives much more convenient,” says Balderston. The company’s approach also helps alleviate the lack of affordable apartment homes, he adds: “It’s our mission to create that product and market it well.”