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<br />
<br />MAPLEWOOD APARTMENTS
<br />
<br />In S~pteDber 1976, Shelter contr1hutpd tlOO,OOO of c~sh to acquire
<br />Maplewood Apartmente, a 240-~nlt garden apart~ent conpl~x in
<br />Minneapolis, Minnesota, at a total cost of $5,050,000. As part of
<br />Shelterts property portfolio, thr property was managed by Canadian
<br />Financial Housing corporation until its sale to a~ unrelated third
<br />party in January 1981. ~ash received in excess of the existing
<br />mortgage totalled $1,750,000, which yielded a conpounded annual
<br />return on cash investment of 55\.
<br />
<br />THE COVE
<br />
<br />In December 1977, Shel/Met pro~erties, a 50% jo~nt venture ~ith
<br />Metropolitan Pruperties, paid '600,000 in cash and assumed $2,709,600
<br />in debt for The Cove. C.R.M.I. managed this l36-unit garden
<br />apartnent property in COlUMbia, Maryland, and managed the conversion
<br />of the unIts for ~ale as condoMIniums 1n 1982. Cash rece1ved, net of
<br />conversion costs, totalled $3,451,200, which resulted 1n a compou~ded
<br />annual return of 42% on cash Invested.
<br />
<br />BRYANT GARDENS
<br />
<br />III December 1977, She1/Met properties acqu1red Dryant Gardens, a
<br />l62-un1t garden apartnent property in COlumbia, Maryland, for
<br />$2,956,250, of WhICh $533,250 was paid in casn. After converSlon to
<br />condominIum units, the property sold for a total cash prIce of
<br />$2,761,250, net of conversion costs, for a compounded annual return
<br />of 39%. C.R.M.I. managed the property through its conversion in
<br />1982.
<br />
<br />CONCORD HOUSE
<br />
<br />In Dece~ber 1977, Shel/Met PropertIes acquired Fenland FIeld in
<br />Columbia, Maryland, for a total of $3,957,251, of WhiCh $713,990 was
<br />paid in cash. C.R.n.I. managed the 234-unlt apartment property until
<br />March 1983, when It was sold to an outslde partnership for assumptlon
<br />of the existing debt and $1,781,835 In cash. The compounded annual
<br />~eturn on the cash invested in this property totalled 20\.
<br />
<br />DORSEY'S FORGE
<br />
<br />Shel/Met Properties a~quired ~or~ey's Forge 1n COlumbIa, Martland, 1n
<br />Dece~ber 1977 for cash totallllg $549,222 and debt of $3,044,C39.
<br />This ISO-UnIt garden apartment property was managed by C.R.M.T. unt1l
<br />its sale to an outs~de partnershlp in 1903 for $1,370,642 In cash and -
<br />assumptIon of the outstandIng debt. ThlS property Invest~ent
<br />averaged an annual return of 20~ based on the cash proceeds receIved
<br />at sale.
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