Riverwalk Townhomes

Number Of Units: 75 State: Georgia

Purchase Date: January 2013

Sold Date: Still Operating

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.