Essex Avenue
These two buildings were purchased as a distressed sale. The Seller brought more cash to the closing table to get rid of the properties than we did to buy them (ouch). The Seller had simply borrowed too much against the buildings and was facing high negative cash-flow. Both buildings were facing neglect and above average vacancy. We took over operation of the buildings and started the renovation work right away.
These properties are going to be great living spaces when we're finished with the renovations. They will also be excellent performing properties.
These properties are going to be great living spaces when we're finished with the renovations. They will also be excellent performing properties.