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Whaler's Point
WHALER'S POINT
NEW LONDON, CT


 
Description

Investment Date: March 1992

Investment Cost: $3.9 Million

Improvement Cost: $1.3 Million

Sale Price: $7.3 Million

Sale Date: May 1996

IRR: 15%
Whaler’s Point, located in New London, Connecticut, is a 246 unit, garden-style apartment community consisting of six three-story buildings.

Strategy

After buying the property, a $1.3 million renovation was undertaken. The asset was repositioned over a 16 month period, achieving stabilized occupancy in August 1993. The property was sold in 1996 through a combined sale with an adjacent property managed by the Group.

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Charter Capital Management, Inc.