The property was acquired in an “off market” transaction at a favorable capitalization rate for a purchase price significantly below appraised value
Estimated Holding Period:
10 Years
Equity Capitalization:
$11.2 Million
Investment Highlights:
The value-added rehabilitation plan is on time and on budget. To date, the property is performing ahead of the original pro forma operating projections.
Patchen Oaks Apartments
Property Location:
Lexington, Kentucky
Property Type:
Garden-Style Apartment
Investment Type:
Tenant-in-Common Ownership
Number of Apartment Units:
192
Investor Type:
Tenant-In-Common
Acquisition Date:
April 2007
Acquisition Highlight:
The property was acquired in an “off market” transaction at a favorable capitalization rate for a purchase price significantly below appraised value.
Estimated Holding Period:
10 Years
Equity Capitalization:
$5.425 Million
Investment Highlights:
The value-added rehabilitation plan is on time and on budget. To date, the property is performing ahead of the original pro forma operating projections.
Breckinridge Square Apartments
Property Location:
Louisville, Kentucky
Property Type:
Garden-Style Apartment
Investment Type:
Tenant-In-Common Ownership
Number of Apartment Units:
294
Investor Type:
Tenant-In-Common
Acquisition Date:
August 2007
Acquisition Highlight:
The property was acquired in an “off market” transaction at a favorable capitalization rate below appraised value.
Estimated Holding Period:
10 Years
Equity Capitalization:
$7.3 Million
Investment Highlights:
The value-added rehabilitation plan is on time and on budget. To date, the property is performing in accordance with the original pro forma operating projections.
Value Added
The Observatory Apartments
Property Location:
Burnsville, Minnesota
Property Type:
Garden-Style Apartment
Investment Type:
Value Add
Number of Apartment Units:
231
Investor Type:
Institutional Joint Venture
Acquisition Date:
November 2007
Acquisition Highlight:
The property was acquired in an “off market” transaction at a favorable capitalization rate for a purchase price significantly below appraised value.
Estimated Holding Period:
3 to 5 Years
Equity Capitalization:
$4.6 Million
Investment Highlights:
The value-added rehabilitation plan is on time and on budget. To date, the property is performing in accordance with the original pro forma operating projections. This investment includes significant co-investment from the sponsor.
Tax Credit
Brown School Apartments
Property Location:
Peabody, Massachusetts
Property Type:
Mid-Rise Rental Housing for Seniors
Investment Type:
Federal Historic and Low-Income Housing Tax Credits and State Historic Tax Credits
Number of Apartment Units:
59
Investor Type:
Institutional
Acquisition Date:
June 2006
Acquisition Highlight:
Involved the adaptive re-use of an existing historic elementary school.
Estimated Holding Period:
15 Years
Equity Capitalization:
$9.4 Million
Key Investment Highlights:
Development was completed ahead of schedule and below budget.
