| Type of Property: | Multifamily |
|---|---|
| Development Size: | 64 units |
| Location: | Mandeville, Louisiana |
| Type of Project: | Condo Conversion |
| Acquisition Date: | October 2002 |
| Acquisition Highlights: | Purchased for $50,000 per unit |
| Holding Period: | 4 years |
| Investment Highlights: | Units listed for $109,000 after upgrades |
| IRR: | 40.40% |
Heavens Drive is a 64 unit apartment complex located in Mandeville, Louisiana. In October of 2002 it was purchased for $3,200,000. We operated it as a rental property for three years making double-digit returns. In 2005, we converted Heavens Drive into Bradford Row Condominiums. After upgrading the exterior and interiors, they were listed at $109,000. The conversion was a complete success and within a year every unit had been sold. The substantial cash generated from the condo sales was used to payoff the remaining debt, and we were please to distribute the remaining cash to our investors who realized an internal rate of return of 40.40% for this four year project.