Glen Lennox, Chapel Hill, NC

Glen Lennox FCP

Transaction:  Acquisition and recap through JV with local developer of 69 acre garden apartment complex in Chapel Hill, NC

Asset Summary:  440 one-story apartment homes

Location:  At the intersection of US 15-501 and NC 54, Glen Lennox is one of the largest, privately held contiguous tracks of land in Chapel Hill, NC

Date Closed:  February 2011

Investment Strategy:
• Purchased at 70% of replacement cost
• Partnered with prior owner of property with strong community ties
• $1.6 million capital improvement program
• $350,000 budgeted for redevelopment plan
• Strong returns on operating basis

Exit Strategy: Through improved operations or potential redevelopment