Description
FOR SALE BY ELEVATION 1290, LLC "OWNER", A SINGLE MEMBER LLC, OWNED BY J. SCOTT BRADLEY "JSB". JSB IS A COLORADO LICENSED REAL ESTATE BROKER THAT IS THE SOLE OWNER OF BRADLEY & ASSOCIATES REAL ESTATE, LTD. "BA". BA IS NOT A PARTY TO THIS TRANSACTION.
AVAILABLE FOR PURCHASE - Up to a 57.04622278 % TENANT IN COMMON interest that Elevation 112 LLC owns in an apartment complex valued at $32,400,000 I will sell interests from $1,700,000 ($510,000 cash and $1,190,000 non-recourse assumable loan) up to $ 18,482,976 ($5,647, 576 cash and $12,835,400 non-recourse assumable loan). Note the existing loan on the 100 % interest is $22,500,000 (a LTV of 69.44 %)
The offering is a unique opportunity for an apartment investor to join 7 other investors to purchase a percentage of a large, Class A apartment community. Due to the Tenant-in-Common structure, an investor can purchase or exchange into this apartment investment which was purchased 2 years ago by a small group of sophisticated apartment investors. The numbers contained in the brochure are based on actual collections or the current operating budget for the property. The Cap Rate is based on 2008 actuals.
All the management fees and replacement reserves have been calculated into the yields. All day to day property management is being done by 3rd party companies.
Lake Shore Apartments is in an excellent location, within southwest Springfield, offering easy freeway access.
Note: Based on 100% ownership and a total Project Value of $32,400,000 the Price/Unit is $81,818.18. The total project NOI is $2,073,082 (100%) x 57.046 % =$ 1,182,615