Warringwood Heights is a 50 Unit, C class building in a B+/A- city of Hoover, AL, part of the Birmingham MSA. Warringwood Heights is benefitting from local job growth, civic attention to development and the recruitment of new businesses. This multi-family complex consists of four two-story buildings with both 2 bedroom townhomes and 2 bedroom flats. The property is stable and generally operates at nearly full occupancy. The property was originally financed with a bank loan and investor equity. The bank loan has since been re-financed with a private loan from one of the equity investors. The property struggled during the recession but has recently rebounded and is currently producing strong profits and cash flow. Cash distributions have varied over the term of the investment. It is expected that the property will be re-financed or sold by the end of 2016. Broadview was not a sponsor of this project, but acts as advisor and property manager.
Average Cash: 5% annual rate
Number Of Units: 50 State: Alabama
Purchase Date: March 2009
Sold Date: December 2016