Miranda Place Apartments

About This Property

We closed the purchase of this 8 unit apartment building in the Wallingford neighborhood in September of 2014. In receivership, this was another distressed property acquisition that we were given the first opportunity to purchase due to our proven reputation in the marketplace. Most Buyers need lengthy closing timelines and have financing contingencies. We did not depend on or need either due to our strong relationships with lenders and their ability to underwrite us expeditiously to fund our loans. The inspection period only took two business days to complete, in big part due to our close working relationship with Casey Bishop at Plus One Construction; after which, we deposited non-refundable earnest money and awaited court approval of the sale. The court approval was received late August 2014 and we then proceeded to closing immediately. We will add an additional apartment on the upper floor by subdividing the current oversized penthouse unit, expand a lower apartment, and do a complete remodel of the building. In the PPM we issued in August, we were projecting a year one internal rate of return to the investors of 30.29% and estimated stabilized cash flow of 9.28%. With the momentum in the marketplace currently, we fully expect to exceed these projections.