Main Office
132 Old Post Road
Southport, CT 06890
Phone: 203-255-1700
Fax: 203-259-3030
Mid Atlantic Office
511 W. Beechtree Lane
Wayne, PA 19087
Phone: 610-293-1976
Fax: 610-293-7617
Transaction History
Monroe Terrace Apartments
Monroe, OH
Acquired: 6/27/2003
Description:
Edgewood purchased a $4.4 million non-performing loan on a 140 unit multifamily property in June 2003 for $3.125 million. The property consists of an existing 140 unit class B apartment community of seven buildings on two separate land parcels totaling 5.5 acres At the time of the note purchase the property was 43% occupied with over 30% of the existing tenants delinquent on rent.
Investment Rationale:
• Purchased at a significant discount to intrinsic value
• Property appraised at $5.7 million in Sep. 2002
• Projected stabilized value over $5 million
• Located in the fastest growing town in Butler County
• Monroe recently established its own school district and has built brand new schools.
• The property is located less than one mile from I-75, which is the major interchange between Cincinnati and Dayton
• Monroe is approximately 20 miles from both Cincinnati and Dayton and is clearly in the path of growth
Value Added and Current Status:
• Successful in the foreclosure proceeding taking legal title on April 9, 2004
• Completely repositioned the property through the renovation of over 85 units • • • • • including several common areas
• Increased the economic occupancy from 40 units to over 120 or 85.7%
• Over 350,000 of NOI projected for Fiscal Year 2005
• Drastically improved the properties perception and attractiveness amongst the tenants and within the community