1 RAVENS RIDGE APARTMENTS Located on Cushman Circle, off Martin Luther King Boulevard, in SW Atlanta, Georgia. This 88 unit s apartment community was physically, financially and economically distressed in all categories. The physical occupancy at acquisition was 40% with a 20% economic vacancy. Several units were water damaged and another 8 units were fire damaged. The buildings were structurally sound with the exception of minor hair line cracks noted on some foundations. Several windows were beyond repair, hence replacement windows a must have. The neighborhood was drug infested but some good hard working people kept a vigilante Patrol to protect their neighborhood. Upon acquisition, we mobilized Atlanta Police off-duty officers on a 90 days 24 hours daily lock-down. Renovation started thereafter, within one year of acquisition, the project was completed and occupancy increased to 95%. We stabilized and held strategies for maximum value-add before disposition after five years. The Bank REO Seller was First Union Bank for the RTC/Savings & Loan assets disposition plan.
2 RACHEL S WALK APARTMENTS 954 Hightower Road, Atlanta, Georgia This 160 unit s apartment community had a 30% physical occupancy with a 20% economic vacancy when acquired. Most of the buildings were empty and vagrants have stripped all the copper plumbing pipes, electrical wires have ripped off the walls and various other issues typical of the neighborhood were present. Basically, we had building shell to work with. Several other factors contributed to physical distress of the property, such as, five egress/ingress that became a security issue for the community. Closed four entrances and kept one open to control traffic and secure the community. The entire property was renovated within one year and we achieved full occupancy shortly thereafter. Stabilized the property with a five year hold strategy for maximum value-add before disposition.
3 RAVENSWOOD APARTMENTS 2275 Brooks Avenue, Atlanta, Georgia Ravens Wood Apartments, a 192 units distressed redevelopment opportunity that we acquired in 1998 through our commercial real estate broker Marcus & Millichap. The property was severely in both economically and physically distressed with significant deferred maintenance. Several units were down and various undesirable activities were prevalent throughout the property and surrounding community. Upon acquisition, we engaged off duty Atlanta Police Officers on a 90 days, 24 hours security stake-out and at the same time converted one of the two bedroom units to a Community Center to enable the new owner and the Residents to dialog on redeveloping the property and to discuss how to meet the needs of the residents. These strategic meetings were necessary to carry the residents along with our redevelopment plans and to get their inputs towards creating a better community for them. Some of the residents were intentionally employed as a strategic workforce job creation. The property was repositioned and stabilized within 18 months with 90% occupancy. The tenants profile ratio was 60% sec 8 and 40% conventional with low to moderate income household. Capital Improvements included gut-out interior renovation on several units, while selective rehab approach was utilized on the rest units. New HVAC, electrical and plumbing upgrades installed throughout the units. The property includes 16 two-story buildings of wood/frame construction and pitched roofs. Units feature frost-free refrigerators, washer/dryer hook-ups, wood cabinets, vinyl flooring, spacious closets, decorator accents, and wall to wall carpeting. The property improvements, includes a leasing office/clubhouse, new playground, basketball court, ample parking and a community center.
4 FALCON CREST APARTMENT The property is within two miles of the East Lake Country Club in Decatur, Georgia and within three miles of the Kirkwood neighborhood. Falcon Crest Apartments, 137 units distressed redevelopment opportunity that we acquired in 2001 through a court ordered bankruptcy sale at DeKalb County court house to the highest bidder. The property was severely in both economically and physically distressed with significant deferred maintenance. 30% units were down and but the surrounding neighborhood was experiencing a regeneration with young urban professionals acquiring and renovating single family houses. There are Ten buildings total, eight are two level, and two are three-level, constructed of wood frame with stucco and painted wood siding constructed on concrete slabs with pitched roofs. Upon acquisition, we engaged off duty DeKalb County Police Officers on a 90 days, 24 hours security stake-out and at the same time converted one of the two bedroom units to a Community Center to enable the new owner and the Residents to dialog on redeveloping the property and to discuss how to meet the needs of the residents. These strategic meetings were necessary to carry the residents along with our redevelopment plans and to get their inputs towards creating a better community for them. Some of the residents were intentionally employed as part of a strategic action plan on job creation. Amenities: Includes Leasing Office, Playground, Laundry Facility and Convenient to Hospitals and Schools. Capital Improvements plans included gut-out interior renovation on all the units with HVAC, electrical and plumbing upgrades installed throughout the units. To source the necessary funds required for a substantial renovation, we applied and was awarded a $10 million dollars bond inducement financing from the Housing Authority of DeKalb County.
5 RACHEL S COURT APARTMENT Rachel s Court Apartments, has 64 units, located on Hollywood Road, Atlanta, GA, and was acquired simultaneously with Ravens Wood Apartment from the same family estate sale. The property was severely in both economically and physically distressed with significant deferred maintenance with one structurally damaged building as a result of foundation settlement. All the wrought iron stair railings were rusted with the steps concrete pans disintegrated. 50% of the units were down and various undesirable activities were prevalent throughout the property and surrounding community. Upon acquisition, we engaged off duty Atlanta Police Officers on a 90 days, 24 hours security patrol in conjunction with Raven s Wood Apartments across the street. The property was repositioned and stabilized within 12 months with 100% occupancy. The tenants profile ratio was 60% sec 8 and 40% conventional with low to moderate income household. Capital Improvements included gut-out interior renovation on several units, while selective rehab approach was utilized on the rest units. This property had no Air condition units, so, new HVAC were installed in all 64 units as a value-add strategy and plumbing upgrades installed throughout the units. Amenity: The property includes 8 two-story brick buildings of wood/frame construction and pitched roofs. Units feature frost-free refrigerators, wood cabinets, vinyl flooring, spacious closets, and wall to wall carpeting.
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