Opportunity to acquire an extremely distressed asset in Sacramento through the fee simple purchase out of REO. The property was approximately 60% vacant at close of the acquisition and required an extensive renovation of the common areas and the interiors of the units. Trion took steps to cure the deferred maintenance, enhance the property and create a safe, welcoming environment for the families living and moving in. With a combination of hands on management and a full renovation, Trion was able to quickly create such an environment, stabilize occupancy, refinance and distribute strong cash flow to investors.
- No. of Units: 128
- Acquisition Date: April 2013
- Acquisition Price: $4,900,000
- Renovation Costs: $1,100,000
- Projected Project Level IRR: 30%