- Product: 60-unit Apartment Complex, 1972 Construction
- Sponsors: Michael Goldburg & Michael Cherry
- Lenders: FannieMae (serviced by Centerline III)
- Property Manager: MCMG Management
- Purchased: $3.1million (2012)
- Sold: $3.87million (2014)
The sponsors purchased this property with additional equity from investors and a $2million loan from FannieMae. The property had several capital requirements and an extremely distressed tenant base. MCMG Management implemented the strategy including evicting undesirable and/or non-paying tenants, repairing, cleaning and re-renting the units, improving the property, repairing the immediate needs systems and building equipment, providing short-term security and oversaw all aspects of the management of the property to repositioning the property. After eighteen months MCMG executed a sale of the property at $3,870,000 and realized a 14% total return for the investors over a two-year period.