Patriot Place was acquired in the spring of 2009 and converted from a conventional to a student housing community. Situated immediately adjacent to a private 4-year University, the property now enjoys a stable student profile. In addition, a moderate rehab was performed with all new roofs, windows, and HVAC systems in addition to a free standing Student Center. Financing involved the assumption of an existing Fannie Mae loan (I/O). In 2014, the main property was sold, but ownership retained a 5 acre parcel of undeveloped land. In 2015 that land was sold to a local developer and the partnership netted a total return that was significantly above projections.
