In partnership with a Washington, D.C. based operator, Equity Resource Fund 2011 invested $2.4 million to acquire the tenant rights to purchase a property at an attractive cost basis via the Tenant Opportunity to Purchase Act (TOPA). The business plan included vacating the property through tenant buy-outs and performing a complete “gut rehab” of the property in order to reposition the asset to a Class A quality property, competitively priced against similar quality assets in the Columbia Heights sub-market. Total acquisition cost was well below similar class assets that had recently been constructed and sold in the sub-market. Submarket occupancy was ~95% range despite the recent delivery of newly constructed units.
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