RESSCO SELLS HOOVER SQUARE APARTMENTS
Southfield, MI, December 14th, 2018
RESSCO Holdings, the Operator and Sponsor of Hoover Square Apartments in Warren, MI, sold the 342-unit apartment community on November 27th, 2018. Hoover Square (formally Warren Plaza Apartments) was purchased in 2007 and was neglected for many years prior to acquisition. Despite the challenges, RESSCO’s business plan and strong management completely revitalized the property. The turnaround was so impressive that the Detroit Free Press did a feature article on the project.
In 2015, the property was refinanced which allowed RESSCO to return 100% of investor capital and share excess loan proceeds. The refinance event at the time generated a 150% ROI for investors. The recent sale increased investor ROI to 248% and delivered a total project IRR of 20%. Simply put, a $100,000 investment in this project returned $348,157 in cash at exit. It goes without saying that investors in the project were ecstatic about the results RESSCO delivered. Investor Ian Burnstein commented, “The ride in this investment was not always smooth, especially during the great recession in 2009. However, RESSCO is a highly skilled operator and we never lost faith that they would deliver.”
About RESSCO
Real Estate Service Solutions Company (RESSCO) is a full service commercial real estate company that specializes in multifamily real estate. RESSCO offers a wide array of services that include property management, construction management, development and private placement investments. Multifamily real estate has unique challenges and RESSCO’s specialized skill set allows it to deliver a level of expertise that is unsurpassed in the industry.
RESSCO works with private investors, institutional investors, lending institutions, REO managers, municipalities, officers of the court, and property owners. RESSCO’s management team has more than 50 years of combined experience involving multi-million dollar real estate transactions, equity investments and development/construction projects.
For more information, visit https://www.ressco.com
Contact: Andrew Wagoner
RESSCO
Real Estate Service Solutions Company
(248) 440-1888
26711 Northwestern Hwy, Suite 175
Southfield, MI 48033
