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.


Property Name: Highland Lakes
Location: Pratville, AL
Completion Date: 2002
Number of Units: 224


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