PRAIRIE VIEW APARTMENTS

Principal Properties was actively involved in the marketing and sale of Prairie View Apartments, a 284-unit multi-family project. As Managing Partner, Principal was responsible for determining the market value of the project, analyzing the financial projections, negotiating the purchase and sale agreement and closing the transaction.

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Principal Properties was an equity partner in the project and involved in all management decisions including financing, budget approval, capital expenditures, and long-term planning.  In 2006, as Managing Partner, Principal Properties lead the way in deciding to sell the project after over 25 years of ownership by the original development partners.  Principal Properties was responsible for determining the market value of the project, conducting the sales analysis and financial projections, selecting the listing agent, negotiating the purchase and sale agreement, and closing the transaction on behalf of the seller. The transaction included several unique variables including tax credit financing, multiple lenders and buyer affiliates, along with a tightly compressed due diligence period and closing schedule.  Principal Properties navigated the variables to complete the sale per the target closing date at the agreed upon sales price.