Tidewater Portfolio, VA

Tidewater Portfolio

Transaction: Acquisition of a $92 million garden apartment portfolio from a liquidating estate

Asset Summary: Seven-property, 1,490-unit garden apartment portfolio in the Tidewater region of Virginia

Date Closed: April 2011

Investment Strategy:

  • Under-managed and under-capitalized portfolio
  • Purchased for 52% of replacement cost
  • FCP invested $10.6 million in common areas and systems
  • Occupancy improved from 84% to 94% since purchase
  • Refinancings expected to begin in 3rd quarter of 2013 generating interest savings and proceeds

Exit Strategy:  Refinance or sell re-positioned assets as the unfavorable financing matures