Parkview is a 60 unit multifamily property located in a high-income area in Mandeville, Louisiana. It was purchased in 2002 for $2.5 million. Following acquisition, every unit was renovated at a cost of $10,000 per unit. Rents were increased by $100 per month following rehabilitation. In 2006, Parkview was converted into condominiums and its units were listed at $110/ft. Today, Parkview is 73% sold. We are expecting to reach approximately $6.8 million in gross proceeds after the remaining units are sold. Creating an internal rate of return of in the range of 40-50%.
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