Ashford at Coopers Crossing

Property Constructed 1966
Date Purchased July 2004
Purchase Price Per Unit $65,350
Renovation Cost Per Unit $12,270
Date Sold March 2007
Sale Price Per Unit $101,417
Internal Rate of Return 27.69%
Reduction in Delinquency 74.68%

Coopers Crossing was well located in an improving market in close proximity to the Capitol Plaza Mall, which was being redeveloped to include several national retailers. Coopers Crossing suffered from a poor reputation in the community, with drug and crime issues, lack of capital and weak management that lead to extensive delinquency.

The Donaldson Group began a renovation program that included structural repairs, interior apartment renovations and construction of a new clubhouse that housed the leasing center, business center, fitness center and community room (completed post-sale).

The Donaldson Group decreased delinquency at the property by approximately 75% thru aggressive collections, removal of delinquent and problematic residents and by increasing rental standards for new applicants and greatly improved cash flow and the asset’s reputation in the community positioning the property for a very successful disposition.