| Marquise Investments just closed on this 104-unit apartment complex from Freddie Mac for $1.85M or just under $18K/unit. The Southern Woods community was initially foreclosed on in May '09. It sees strong upside because the complex is 98% occupied, has little deferred maintenance, and a prime location in the northeast I-85 corridor. Plus, there's an intriguing gazebo amenity. Marquise plans to stabilize and refinance the property, and keep looking for value-add opportunities in the $5M to $50M range in the Southeast. |
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