Toledo Plaza

Transaction: Acquisition and upgrade of existing apartment community   

Asset Summary: 242-unit, garden apartment community

Location: Hyattsville, MD

Date Closed: August 2008

Investment Strategy:

• Purchased off market deal at 60% of replacement cost
• Invested in curing deferred maintenance and improving common area appeal
• Increased below market rents by 20% and stabilized operating expenses
• Refinanced acquisition bridge loan at end of year one, repatriated 25% of initial equity

Exit Strategy:

• Core buyer