The opportunity was to acquire an extremely distressed asset in Albany, Georgia through the fee simple purchase out of a bank-owned REO sale. The property was approximately 84% vacant at close of the acquisition and required an extensive renovation of the common areas and of the park-owned homes. We executed on a re-positioning plan to cure the deferred maintenance, enhance the property and create a safe, welcoming environment for families living and moving into the property. Within a two-year period, we created such an environment, increased the occupancy and cash flow and were able to sell the property and distribute a strong return to the investors. * NO. OF LOTS: 227 * ACQUISITION DATE: April 2013 * ACQUISITION PRICE: $280,000 * RENOVATION COSTS: $640,000 * HOLD PERIOD: 36 months * LEVERED IRR: 22.45% * PROJECT LEVEL EQUITY MULTIPLE: 3.9x