The Subject property was acquired at a probate sale in October 2012 as vacant land. The Property’s zoning was R-2 and it was designed, entitled and developed with two townhome style 4-bedroom, 2-bath rental units, containing approximately 1,550 square feet each.
Just over one year after purchasing the land, construction was complete and the property was fully leased. At that time, 4.55% fixed rate permanent financing was secured, returning 100% of our partners’ equity. The 2-unit investment property remains fully occupied and produces positive cash flow after debt service for our partners, even after the return of their equity.
