The Grenwich Office Condominiums

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Purchase Date: January 2007 Price: $5,740,000
Cash on Cash Return: 8.00% Project 5 Year IRR: 20.00% +
Current Market Value: $7,236,000 (assessed)
Note: CEP negotiated the purchase of the building as a conventional mixed use building (apartments over office) but during escrow arranged the conversion of the project to condominiums so that the residential units could be immediately sold at a significant premium thereby reducing the acquisition price of the commercial space to a price way below market. The commercial condos are occupied by stable long term state and federal government tenants. Investors are poised to enjoy substantial cash on cash return and price appreciation over the hold period.