The Greentree Apartments is a C class property in the B class area of Thomasville, Georgia. The property had been well maintained and was in excellent condition until it was taken back by the lender as part of a larger portfolio that went into default. The property was re-stabilized by a special servicer and most of the deferred maintenance issues were addressed. We purchased the property opportunistically at a significant discount to market at auction. We funded the purchase with private investor notes to provide immediate cash to meet the auction requirements and then refinanced those notes with a Fannie Mae loan within 90 days of purchase. The property currently pays quarterly cash distributions at an 8.0% annual rate. We plan to operate the property for cash flows and to ultimately sell the property to realize capital appreciation.
Number Of Units: 75 State: Georgia
Purchase Date: April 2014
Sold Date: Still Operating