blue springs, MISSOURI

Northridge Cottages

Principals of the Fund identified and acted on the opportunity to acquire a 5 acre, bank owned parcel of raw, in-fill ground surrounded by various uses including residential and retail that had been through multiple failed ownerships without progress being made. The principals worked closely with the municipality to re-zone and plan the property for construction of 37 Class A, senior independent living rental units that have been virtually 100% rented from completion of construction. Above market returns have been made possible through the foresight of the principals to leverage a below-market purchase price for the ground and excellent rapport with the city to develop a much needed and tremendously popular senior development that will appreciate substantially over time.