Port City Commons
Cozy townhomes located near downtown Wilmington.
A bulk purchase of 10 townhomes in a 24 unit community were purchased distressed from a bank. The bank had repossessed the assets from the prior owner, and the management firm working for the bank was severely mismanaging the assets. We purchased the assets, evicted bad tenants, did some minor cosmetic repairs, raised the rents several hundred dollars, then held the assets for a few years collecting rents, before selling the bulk portfolio and cashing out profits.