Windy Hill Manor is a C class property, located in a C+ class area in Macon, Georgia. The property was purchased at a discount to market value through an all-cash transaction with a short closing cycle certainty of closing through substantial non-refundable earnest money deposits. The property had significant deferred maintenance issues but was profitable immediately upon acquisition. The property was financed with short-term bridge loans that converted into equity (LLC membership interests) shortly after acquisition. Within 18 months of purchase, we obtained a bank loan and returned 80% of the original equity to investors. The property was refinanced again during 2016, returning the remainder of the original equity capital. Through the return of capital via the refinancings and quarterly cash distributions, investors have received cash back well in excess of their original investment, while still maintaining their ownership in an appreciated property. We continue to pay quarterly cash distributions and will operate the property for cash flows until we ultimately sell the property to realize capital appreciation.
Average Cash: 8%++ annual rate
Number Of Units: 94 State: Georgia
Purchase Date: June 2012
Sold Date: Still Operating