pf_01867 - Laserfiche WebLink

Home

II I I I I I I I I I I I I I I I I I I FORE3T CREEK APARTMENTS Shelter acquir~d For~st Creek, ~ 656-unit apartment property in Cherry Hill, New Jersey, for a cash investment of $3,003,200 and the assumption of $8,177,000 in debt. C.R.M.I. managed the property for Shelter through the t1me of its sale to a th!rd party 1n 1982. The cash portion of the sale price totalled ~6,200,000 for a compounded annu&l return which approximated 20\. COACHMAN APARTMENTS Shelter purchas~d the 1,032 units of Coachnan Apartments as a 50\ jOlnt venture partner with Creson Investments in June 1979 at a total cost of $11,481,700. C.R.M.I. has managed this Lindenwald, New Jersey, property and has overseen the phased conversion of the units to condominiums. Phase I and II have been sold as Arborwood I and II in 1982 and 1983 at a cash pr1ce that approxinated the orlgina1 cash investment plus conversion costs, Wh1Ch reflects the retlreQent of some debt for apartment units 1n Phases III and IV. Shelter is ho1d1ng apartments 1n the last two phases for longer t~rm investment. VILLAGE OF CROSS KEYS The v~llage of Cross Keys in Baltimore, Mar~land, was purchased b~ Shelter ~n January 1980 at a total cost of $12,476,000, of which $2,155,000 was pa~d in cash. C.R.M.I. has overseen the con~ersion of the 380-~nit apartment proJect to cond~m1n~um un1ts in two phases. The flrst phase sold out in 1981 and 1982 at a cash pr1ce of $2,333,000, net of conV~rSlon costs, for an annual return on cash 1nVdscment of nearly 60%. The second phase began sales 1n 1982, and is projected to sellout in 1983 for net cash proceeds of $2,569,000, WhlCh Ylelds an annual return on cash investment of 28%.