Lakeside Reserve Apartments was purchased in May of 2019, as a portfolio along with the Willow Way Apartments.
The acquisition was a true off-market purchase, at a well below-market price, from an out-of-state Seller. Willow Way is a 372-unit property, which consisted of over 30% down units and another 15% in additional vacancies requiring a complete overhaul at the time of the acquisition.
This acquisition was a unique deal requiring a particularly intensive capital expenditure approach. Accordingly, we secured bridge-financing to enable immediate significant expenditures to improve the quality of the property and to bring the down-units back online to improve occupancy and increase revenues.
We have been successful in leasing up the units with our JV partner and are now entertaining multiple offers to sell the property off at a substantial profit to our investors and partners.