ABOUT USPROPERTIESFOR LEASESTRATEGYCONTACT US

Properties

The Heights at Cape Ann
THE HEIGHTS AT CAPE ANN
GLOUCESTER, MA


 
Description

Investment Date: August 1992

Investment Cost: $4.0 Million

Improvement Cost: $5.5 Million

Sale Price: $21.9 Million

Sale Date: November 2000

IRR: 23.4%
The Heights is a 276-unit, garden style apartment complex located approximately 25 miles north of Boston. It has water views and many amenities, including a swimming pool and fitness center.

Strategy

The property was acquired in distressed condition from the FDIC. It was repositioned through a complete $5.5 million renovation. It attracted high quality tenants with professional management and was sold in 2000.

« BACK TO LISTING




Charter Capital Management, Inc.