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Case Studies

Austin Creek Apartments

55 Valle Vista Avenue Vallejo, CA

Austin Creek Apartments is a 156 unit apartment community located in Vallejo California. The property consists of 76 one bedroom/one bath units of approximately 700 square feet, and 80 two bedroom/two bath units of approximately 900 square feet. The improvements consist of 10 - two story garden style buildings totaling 125,200 square feet of rentable space. Construction is wood frame with pitched composition roofs and sheet siding. Original construction was completed in 1989, and sits on 7.17 acres in Solano County.

We acquired this property at a 6.5% cap rate which for Northern California is considered very good. With long term 12 year fixed rate money at 4.2% are generating significant cash flow for investors. We are finishing a significant capital improvement program to create a more market rate community for residences. We have created a fitness center, business center and completed a clubhouse upgrade to add amenities for our improving tenant base. We have completed a capital expense program in replacing dry rot and painting the exterior of the property. We plan to add a gate for increased security to complete the upgrade.

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Piedmont Properties in conjunction with ACM purchased Cascade Woods I/II, a 114 unit affordable multi-family community in Vancouver, Washington in 2010. This asset is an existing Section 42 Low Income Housing Tax Credit (LIHTC) property that is beyond the compliance period. The regulation agreement ends in 2022 at which time we will consider selling or converting the property to markets rents.

The property is prominently situated off a major thoroughfare. Casade Woods enjoys excellent frontage and visibility in a solid submarket. Cascade Woods Benefits from the vibrant Portland MSA just over the bridge from the second biggest city in the Northwest. The property was substantially rehabbed with new siding, new roof, fitness center, and sport court turning the property into a community we are proud of owning for the long term.

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Concord, CA

California Hill, a 153-unit, age-restricted apartment community is located in Concord, California. The property was purchased for approximately $17.65 million. A loan was provided to Chateau Senior Living Communities and Piedmont Properties. As part of the acquisition, the joint venture assumed approximately $8.9 million of existing financing, consisting of tax-exempt and taxable bond financing, credit-enhanced by Fannie Mae (FNMA), as well as secondary financing provided by Fannie Mae.

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Las Vegas

Broadstone Desert Lakes in Las Vegas was a 814 unit 2012 acquisition with Hamilton Zanze Co. We are re-entering the market after selling at the top in 2007. We are looking for substantial appreciation in this market as it slowly recovers one of the worst sub market downturns in the country. The property is situated on the west side of the Las Vegas Valley, an area that has experienced tremendous residential and commercial growth in the past 10 years. In addition to strong demographics, the property is close to shopping, schools, and easy freeway access. It is a high quality property we bought at a bargain price with strong cash flow as we wait for the market to fully recover.

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2900 General Anderson Rd. Vancouver, WA

Marketplace is located in desirable eastern Vancouver, Washington near Vancouver Lake and the confluence of the Columbia and Willamette Rivers. The 9.7-acre site benefits from convenient access to State Road 500, a four-lane divided highway which provides immediate access to Interstate-5 and downtown Vancouver to the west (2 miles) and Interstate-205 to the east. Interstate-5 also provides residents with direct and convenient travel to downtown Portland, Oregon located just across the Columbia River. Residents at Marketplace are within walking distance of an Albertson's Grocery, Fort Vancouver High School, and the Jim Parsley Community Center. The Center serves as a hub for several local organizations and provides community members with recreational activities, health services, and extended learning courses.

We bought this LIHTC Property just after the tax credit compliance period expired. We bought it to hold using long term 12 year debt and five years of interest only to produce a strong cash flow to investors. We expect to see continued improvement in cash flow in our second investment in the Vancover/Portland MSA market with upside from our capital program and improved operating performance.

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Cherry Creek

225 Units. Riverdale, Utah

Cherry Creek is a 225-unit Class B property configured of 14 buildings with units averaging 805 square feet. The property has a full amenity package that includes an outdoor pool, an indoor spa pool, a sand volleyball court, a playground, a business center, a central laundry facility, and a fitness center. The units themselves offer oversized closets, washer and dryer hookups, gas log fireplaces, and private patios or balconies.
We acquired this property along with Fox Creek which B 186 units.. These two properties are solid Class B properties and fit into our existing portfolio very well. Our other property we have owned in this submarket for 4 years has preformed well and been a great cash flow producer. We are paying out 8% cash on cash to investors and expect to realize substantial upside from our capital improvement program.

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Retreat at Maple Hill

Federal Way, WA 98023

We purchased this property as an REO from GE Capital and did a complete renovation.  The area improved significantly as the city improved the surface streets on both sides of the property.  After a major renovation and upgrade to the property the objective is to refinance or sell the asset in order to maximize returns to investors.  The property was rebranded as Retreat at Maple Hill from the previous name St Croix, in an effort to improve the image to potential tenants.  

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