The Riverwalk Townhomes at Wedgefield Court is a C class property located in a C+ class area in Columbus, Georgia. Columbus is a strong military town that supports Fort Benning, one of the largest military bases in the country. The property had been neglected prior to our purchase and was purchased at a significant discount to market, accordingly. The property was originally financed with 100% investor equity. Within 18 months we completed a comprehensive renovation and repositioning of the property and obtained a loan, repaying 80% of the original equity investment, while retaining ample reserves. The property currently pays quarterly cash distributions on the remaining equity at a rate well in excess of the preferred return. We plan to continue to operate the property for cash flows and to ultimately sell the property to realize capital appreciation.
Average Cash: 8% annual rate
Number Of Units: 75 State: Georgia
Purchase Date: January 2013
Sold Date: Still Operating