| This
highly successful conventional 224-unit community
was planned for another site. In 1995 we were attracted
to Prattville, Alabama, a rapidly-growing suburb of
Montgomery. We submitted a successful application
for a tax credit property, but felt the market also
needed a strong new conventional property. Over the
next few years, we considered various sites and eventually
settled on a site on the north side of town. We had
designed and engineered the site and were ready to
arrange financing for the project when we learned
that a prime site closer in, owned by a Real Estate
Investment Trust, suddenly become available. This
was a tough decision—involving walking away
from our predevelopment investment in the other location—but
this was all about location, location, and location
we moved.
The results were superb completed in 2002, this
property rented up quickly and attracted the immediate
interest of qualified purchasers. Our development
partner also used it to showcase our expertise to
a group of European investors who subsequently invested
in two properties with us.
The
property includes four floor plans, all with screened
porches, garages and storage units, tennis courts,
swimming pool and three small lakes. The clubhouse
has a business center and conference area, a fitness
center and tanning bed, and an informal gathering
area with bar and kitchen.
|
|
