90 out of 156 units, Webster, TX. This waterfront, fractured condo deal was purchased from an Institutional Owner in December of 2005 with an immediate retail selloff plan. Holding the majority vote in the HOA, we were able to rehab the exteriors and convert the asset from a blended rental community to an ownership one. After performing significant interior upgrades, the units were sold off to consumers using FHA, VA and Conventional debt (no seller financing). In the fall of 2007, the last group of units was placed under contract, nearly doubling the partnership’s equity.
