Palatine, IL In an extremely complicated transaction, we purchased the defaulted second mortgage on a failed condo conversion of 719 units.  Using that position as leverage, we were able to gain control of the manager of the entity that owned 64% of the units.  We then purchased enough units to obtain ownership rights to 75%+ of the units which allowed us to “deconvert” the property, subject to a “Section 15” deconversion of the IL Condo Act.

Davenport, FL This property was a severely “broken” condominium project with owner-occupants in only 3 units out of 240.  We were able to purchase over 80% of the units at favorable prices and took over the condominium board and instituted a property-wide common area upgrade. The property was sold 18 months after the initial investment for an IRR of 27% to investors.

Crystal Lake, IL 209 condominium units out of 235 total units (89%) were purchased and in less that 14 months, we gained ownership of the remaining 26 units. Common area improvements included, repairing or upgrading the parking lot, landscaping and certain common areas.  The sale generated an IRR for the investor group of over 50%.

Wheeling, IL Granite purchased 147 units out of 264 units in a single bulk acquisition.  The project was sold 24 month after acquired the majority of the units and completing much of the deferred maintenance.  20% of the units were upgraded and achieved rent premiums in excess of our projected rents.

Chicago, IL This units were acquired at the same time subject to a 100% deconversion vote.  This property was moderately renovated and held for cash flow and accommodated a section 1031 tax deferred exchange.