Mattingly Drive Properties

The company; as one of its first projects purchased this block of properties in 2007 at a discount well below replacement cost and market value based on similar well managed properties. These duplex properties are a class B assets built in 1979 by a local builder who passed away in early 2000.

The properties then fell in the hands of his widow, she was unable to maintain the up keep on the properties and in turn they suffered an extensive amount of deferred maintenance. This created an opportunity for a value add situation and is a perfect example; on a small scale of what ASP looks for. These properties required over $40,000 in equity to acquire, within our first 4 years we realized a cash on cash return of 25% per year thus recouping our initial equity.

The strategy for these properties were to take care of all differed maintenance and capital improvements while implement unit upgrades.We then were able to slowly raise rent rates. Our current plan has been to hold because of the strong monthly cash flow while the market continues to appreciate. These assets are set for a 10 year hold with resell in year 2017.

The company; as one of its first projects purchased this block of properties in 2007 at a discount well below replacement cost and market value based on similar well managed properties. These duplex properties are a class B assets built in 1979 by a local builder who passed away in early 2000.