|
<br />I
<br />I
<br />I
<br />I
<br />I
<br />I
<br />I
<br />I
<br />I
<br />I
<br />I
<br />I
<br />I
<br />I
<br />I
<br />I
<br />I
<br />I
<br />I
<br />
<br />TOMLINSON GREE~ I
<br />
<br />TOMlinson Green I is an 81-unlt apartment property acquired by
<br />Shelter in June 1978 for $433,000 and the asaunption of $1,037,000 in
<br />debt. The property, located in EChelon, New Jersey, is managed by
<br />C.t.H.I., who also managed its $1,500,000 converJion to condominium
<br />units. Aggregate cash sales proceeds for the condominium units, net
<br />of conversion costs, are estimated at an amount equal to the origiral
<br />cash investment, Wh1Ch reflects the retiren~nt of debt for ~dditlonal
<br />apartment un1ts. Sales of the condominium units began in 1983.
<br />
<br />ROGER'S MILL
<br />
<br />Shelter acquired Roger's Mill 1n Echelon, Ne~ Jersey, in June 1978
<br />for a total price of ~5,321,000, of which $1,690,377 was paid in
<br />cash. C.R.M.l. managed the property's 204-units unt11 its sale to an
<br />outside partnership in 1993. The cash portlon of the purchase price
<br />paid by this partnershlp totalled $2,665,151, Wh1Ch resulted 1n an
<br />average cOMpounded annual Yleld of 9.5%.
<br />
<br />STOCKTON
<br />
<br />In June 1978, Shelter paid $3,579,623 in cash towards the purchase of
<br />Stockton, a 432-un1t multi-family rental property in Echelon, New
<br />Jersey. The total purchase pr1ce eqUalled $11,268,000. The property
<br />was sold to an outside partnerShip, after ~anagenent by C.R.M.I., 1n
<br />1983 for the assumpt10n of existlng debt and $S,643,8~9 1n cash. The
<br />cOMpounded annual return on cash investment for the purchase and sale
<br />of Stockton equalled 9.5%.
<br />
<br />WESTBURY APARTMENTS
<br />
<br />Shelter pald $1,546,000 10 cash towards the total purchase pr1ce of
<br />$12,600,000 for the 791-unlt Westbury property 1n Balticore,
<br />Maryland, in December 1978. The property was managed by C.R.M.I.
<br />from 1978 to 1985. Westbury WdS refinanced for $13,500,000 1n 19S5
<br />and sold to a third party for $17,500,000 1n December, ]985.
<br />
<br />BRENBROOK APARTMENTS
<br />
<br />In DeceMber 1978, Shelter acqulred nrenbrook, a 228-un1t apartment
<br />property 1n Baltimore, Maryland, for a total pr1ce of $4,500,000, 10\
<br />of WhlCh was paid 1n cash. C.n.M.I. managed the property for Shelter
<br />through the tlrne of its sale to a third party in 1984. The'cash
<br />portion of the sale pr1ce totaled $5,000,000 for a conpounded annual
<br />return ~hlCh approxlmated 22.1%.
<br />
|