Pine Ridge:

Williamsburg:

Pine Ridge Apartments (112 Units)                               305 W. Air Depot, Gadsden, AL.                                    Williamsburg Town Homes (60 Units)                         1000 Newton Street, Gadsden, AL

Royal Bank of Canada lent the borrower approximately $5,142,400 for both Pine Ridge Apartments and Williamsburg Town Homes on March 4, 2008. Strategic Holdings purchased the mortgages on both properties from Fannie Mae on June 17, 2013 for a total cost of approximately $3,116,000.  The borrower deeded both properties to Strategic Holdings in October 2013 giving us clear title.  On April 10, 2014, CBRE appraised both properties for a combined value of approximately $5,300,000. Very little work was done on both properties other than some light deferred maintenance. The properties were running over 90% occupancy. The sale of the properties resulted in an estimated profit of $2,400,000 including the “step up” profit at the time of taking title in 2013.

DETAILS

Sales Price: $6,400,000
Acquisition Price: -$3,116,000
Costs: -$830,000
Estimated Profit: $2,400,000

ADDITIONAL DETAILS

Pine Ridge:

                                                                                                                Williamsburg: