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Properties

NUTMEG WOODS
NEW LONDON, CT


 
Description

Investment Date: March 1993

Investment Cost: $2.3 Million

Improvement Cost: $1.2 Million

Sale Price: $5.0 Million

Sale Date: May 1996

IRR: 16.4%
Nutmeg Woods is a garden-style apartment complex with 129 units located in New London, Connecticut.

Strategy

The property was purchased as a condominium complex. It was converted to an apartment complex and renovated. With professional management, cash flow was increased. The property was operated and sold with an adjacent property, Whaler’s Point, to maximize value.

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Charter Capital Management, Inc.