Technology Park, Milford-Bellingham, MA — Industrial
Quick Facts
- Investment Cost: N/A
- Improvement Cost: N/A
- Current Value: $37.5 Million
- IRR: N/A
Description
- An office and research and development campus located in Milford and Bellingham, Massachusetts. The site has three connected buildings with 255,000 SF of space and 271 acres of developable land.
Strategy
- A partner in development and ownership of the property beginning in 1980. The three buildings are 100% leased with a positive cash flow. Surplus land is sold as development in the area expands.
Trilogy Associates, Watertown, MA — Loan Portfolio
Quick Facts
- Investment Cost: $1.65 Million
- Improvement Cost: N/A
- Sale Price: $2.3 Million
- IRR: 278.9%
Description
- One loan purchased from the FDIC secured by two commercial properties in Watertown, Massachusetts.
Strategy
- The loan was purchased and repaid in full, including interest, in three months.
The Davenport, Cambridge, MA — Multi-Family
Quick Facts
- Investment Cost: $3.4 Million
- Improvement Cost: N/A
- Sale Price: $11.3 Million
- IRR: 32.4%
Description
- The Davenport is a 40 unit mid-rise apartment building located in Cambridge, Massachusetts between Harvard University and Massachusetts Institute of Technology. The property was built in 1988.
Strategy
- This property was purchased at 45% of replacement cost. It was managed as an upscale apartment community to increase cash flow and value, resulting in a $11.3 million sale in 2001.
The Summit, Somerville, MA — Multi-Family
Quick Facts
- Investment Cost: $1.2 Million
- Improvement Cost: $0.6 Million
- Sale Price: $2.1 Million
- IRR: 5.4%
Description
- The Summit is a 25 unit, seven story apartment building located in Somerville, Massachusetts, approximately five miles from Boston.
Strategy
- The property was renovated and professionally managed to increase net income. Additional income was generated by leasing roof space to telecommunications tenants for antenna use. This resulted in increased value and the property was sold in 1996.
Whaler's Point, New London, CT — Multi-Family
Quick Facts
- Investment Cost: $3.9 Million
- Improvement Cost: $1.3 Million
- Sale Price: $7.3 Million
- IRR: 15%
Description
- 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.
Krause's Sofas, Southern California & New York — Loan Portfo
Quick Facts
- Investment Cost: $2.0 Million
- Improvement Cost: N/A
- Sale Price: $2.5 Million
- IRR: 25%
Description
- Two loans secured by leasehold rights on four retail stores in Southern California and a pledge of stock in various holding companies.
Strategy
- Made mortgage loans to a strong retail furniture chain experiencing a temporary cash shortage due to expansion. The loans were paid off as scheduled in 1993.
RTC Loan Portfolio, New England — Loan Portfolio
Quick Facts
- Investment Cost: $7.3 Million
- Improvement Cost: N/A
- Sale Price: $14.0 Million
- IRR: 43.3%
Description
- The RTC portfolio was a pool of 37 performing and non-performing loans acquired from the Resolution Trust Corporation. Each loan was secured with a first mortgage on real estate located in the Greater Boston area. The property types included residential, office and retail.
Strategy
- The portfolio was substantially divested within three years by settling with the borrowers and selling properties.
Ravens Crest, Manassas, VA — Multi-Family
Quick Facts
- Investment Cost: $8.2 Million
- Improvement Cost: N/A
- Sale Price: $15.5 Million
- IRR: 28.9%
Description
- A 224 unit, garden-style apartment complex located in Manassas, Virginia, approximately 30 miles from Washington, D.C. The property was built in 1988, as part of a 444 unit community.
Strategy
- Ravens Crest was bought at 50% of replacement cost. After six years of operation, the entire 444 unit community was sold to maximize value.
Heights at Cape Ann, Gloucester, MA — Multi-Family
Quick Facts
- Investment Cost: $4.0 Million
- Improvement Cost: $5.5 Million
- Sale Price: $21.9 Million
- IRR: 23.4%
Description
- 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.
Nutmeg Woods, New London, CT — Multi-Family
Quick Facts
- Investment Cost: $2.3 Million
- Improvement Cost: $1.2 Million
- Sale Price: $5.0 Million
- IRR: 16.4%
Description
- 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.
FDIC Loan Portfolio, New England — Loan Portfolio
Quick Facts
- Investment Cost: $3.3 Million
- Improvement Cost: N/A
- Sale Price: $4.7 Million
- IRR: 24.4%
Description
- The Federal Deposit Insurance Corporation portfolio is a pool of 28 performing loans secured by real estate in New England.
Strategy
- The loans were purchased for 68% of book value. The portfolio was substantially settled and paid-off between 1994 and 1998.
The Gateway Malden, MA — Multi-Family/Office
Quick Facts
- Investment Cost: $11.7 Million
- Improvement Cost: $2.0 Million
- Sale Price: $34.9 Million
- IRR: 35.5%
Description
- The property consists of two residential towers containing 203 apartment units and a four-story commercial building containing 36,822 square feet of office space. It is located five miles from Boston and was constructed in 1988.
Strategy
- The Gateway was purchased at 35% of replacement cost. The residential units were occupied yet the commercial space was completely vacant. The commercial space was fully leased and the entire property was professionally managed. The property was sold for $34.9 million in 2003.
Spring Lake Apartments, Morrow, GA — Multi-Family
Quick Facts
- Investment Cost: $4.8 Million
- Improvement Cost: $0.8 Million
- Sale Price: $9.0 Million
- IRR: 24%
Description
- 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.
Woodlake Apartments, Silver Springs, MD — Multi-Family
Quick Facts
- Investment Cost: $15.9 Million
- Improvement Cost: $5.6Million
- Sale Price: $27.3 Million
- IRR: 20%
Description
- Woodlake Apartments consists of 534 garden-style apartments in 38 buildings. It is located in Silver Spring, Maryland, within commuting distance of Washington, D.C.
Strategy
- After a $5.6 million capital improvement program the property attracted a higher quality tenant base. Occupancy and rental rates increased resulting in increased value.
Cedar Valley, Columbia, MD — Multi-Family
Quick Facts
- Investment Cost: $6.5 Million
- Improvement Cost: $1.0 Million
- Sale Price: $7.1 Million
- IRR: -2.5%
Description
- The property is a 156 unit apartment complex located in Columbia, Maryland. It is situated between Baltimore and Washington and draws tenants from both markets.
Strategy
- The property was purchased with a stabilized cash flow. Units were renovated to improve operations and increase value.