| Type of Property: | Multifamily |
|---|---|
| Number of Units: | 60 |
| Location: | Mandeville, Louisiana |
| Type of Project: | Apartment Rentals to a Condo Conversion |
| Acquisition Date: | August 2002 |
| Acquisition Highlights: | $10,000 per unit upgrades completed after purchase |
| Holding Period: | Currently 73% sold |
| Investment Highlights: | Anticipating $6.8M in gross proceeds after remaining units are sold |
| IRR: | 40-50% (estimated return after all units are sold) |
Parkview is a 60 unit multifamily property located in a high-income area in Mandeville, Louisiana. It was purchased in 2002 for $2.5 million. Following acquisition, every unit was renovated at a cost of $10,000 per unit. Rents were increased by $100 per month following rehabilitation. In 2006, Parkview was converted into condominiums and its units were listed at $110/ft. Parkview is 100% sold. We generated $6.8 million in total gross revenue through the condo sales, creating an internal rate of return in the range of 50%.