The Onyx at 600

Average Cash: 7% annual rate

IRR: 15%

Number Of Units: 232 State: Alabama

Purchase Date: 20130601

Sold Date: Still Operating

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.