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Statewide Acquisition Corporation’s properties currently are all located in the state of California. Most range from 90 – 300 units and are considered mid-tier apartment/condo communities. Each community is managed and maintained to the highest standards to ensure both quality of living and safety for all residents. Verano Terrace, Moreno Valley, California  A 136-unit apartment community in Moreno Valley, CA was purchased in September 2005. Merrill Lynch Capital originated the acquisition and rehab loan totaling $13.6MM, including $1.02MM for capital improvements. Statewide is currently processing a tract map for 136 condominium units which they plan on taking to market in the next five years. Monarch Terrace, Moreno Valley, California A 92-unit apartment community in Moreno Valley, CA was purchased in April 2005. Merrill Lynch Capital originated the $9.0MM acquisition and rehab loan, which included $650K for capital improvements. Statewide is currently processing a final tract map for 92 condominium units which they plan to take to market in the next five years. Regency Tower Apartments, Oakland, California An 18-story, 178-unit apartment complex in Oakland, CA near Lake Merritt was acquired in 2002 for $14.5MM. Capital improvements totaled $1.0MM. Amenities include a large pool, exercise room, tennis court, and covered parking. The property was sold in March 2005 for $21.0MM. Total profit was $6.5MM over a 3-year holding period. Kenyon Pointe, Tustin, California A 71-unit apartment complex in Tustin, CA. The property consists of large two and three bedroom apartment homes featuring wood burning fireplaces and spacious walk-in closets. The property was acquired in 2001 for a total cost of $9.0MM. Capital improvements totaled $1.25MM and were completed in December 2004. The property sold for $13.75MM. Total profit was over $4.0MM. Club Acacia Condominiums, Fullerton, California A 114-unit condo conversion project in Fullerton, CA was purchased in January 2003. Fremont Investment and Loan originated the $8.5MM loan, including $2.2 MM in construction renovation. The project sold out in March 2004, generating $16.2MM net sales and $5.6MM in profit. The loan was paid off as agreed in November 2003, and executed above proforma estimates. |
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