Bradford Row Condominiums, formerly known as Heavens Drive Townhomes, is a 64 unit apartment complex located in Mandeville, Louisiana. PPQ purchased it in October of 2002 for $3,000,000. We operated it as a rental property for three years making double-digit returns. In 2005, we converted Heavens Drive into Bradford Row Condominiums. After upgrading the exterior and interiors, they were listed at $109,000. The conversion was a complete success and within a year every unit had been sold. The substantial cash generated from the condo sales was used to payoff the remaining debt, and we were please to distribute the remaining cash to our investors who realized an internal rate of return of 40.40% for this four year project.
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