The Voss/Aros Apartments

Purchase Date: March 2009 Price: $6,525,000
Cash on Cash Return: 7.60% Project 5 Year IRR: 20.00% +
Current Market Value: $7,800,000 (Appraisal)
Note: CEP acquired these two 19 unit apartment buildings in the heart of the Ballard neighborhood of Seattle directly from a bank who had foreclosed on the developer that was completing a condo conversion of these two properties. The assets were purchased from the bank at 45 cents on the dollar and were completed and leased up in only four months. Investors are poised to enjoy substantial cash on cash return and price appreciation over the hold period.