The Onyx is a C class property, located in a C+ class area of Birmingham, Alabama. The property was purchased at a discount to market value from a motivated seller, based on an all-cash transaction, a short closing cycle and a strong assurance of closing through substantial non-refundable earnest money deposits. The property had some deferred maintenance issues but was profitable upon acquisition. The property is currently financed with a hybrid equity-like loan and will be refinanced or sold in the near future.
Average Cash: 7% annual rate
Number Of Units: 232 State: Alabama
Purchase Date: June 2013
Sold Date: Still Operating