Mixed-Use Retail Center

This Asset was a distressed multi-family investment opportunity. The Property was 50% occupied at acquisition via a short sale from a national bank. Built in 1966, it required improvements to bolster its occupancy and stabilize the asset.

Prior to acquisition, we recognized the mis-pricing on the acquisition price that was well below replacement cost (even with the needed extensive rehab/repair costs due to deferred maintenance and also its superior location in the MSA’s Central sub-market. Located in a prestigious area with proximity to a major university, it also is within 5 miles of the MSA’s CBD. It’s tenants also enjoy direct access to all the major highways in the area. There also is an outstanding employer base within a 10-mile radius of the asset (200,000 jobs), including state agencies, a major research hospital, a state university, hospitality, and numerous service outlets.