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Properties

Spring Lake Apartments
SPRING LAKE APARTMENTS
MORROW, GA


 
Description

Investment Date: September 1993

Investment Cost: $4.8 Million

Improvement Cost: $0.8 Million

Sale Price: $9.0 Million

Sale Date: August 1998

IRR: 24%
Spring Lake is a 188 unit, garden-style apartment community located in Morrow, Georgia, approximately ten miles from Atlanta.

Strategy

The property was purchased at approximately 50% of replacement cost with a bond encumbrance and environmental issues. The environmental concern and bond were eliminated while operating cash flow was maximized.

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Charter Capital Management, Inc.