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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.
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