The Apartments At Pine Brook were purchased from Poughkeepsie Savings Bank in 1993 by Amerimar Enterprises with a group of individual investors. The purchase price of the community was well below the replacement cost. At the time of purchase, the property was approximately 50% occupied and in need of significant capital improvements. Due to the very high occupancy rate in Delaware and Amerimar's previous experience with other apartments in the area, Amerimar felt confident that the apartment occupancy could be raised, if capital improvements were made, and professional management was put into place. After acquiring the property, a $2 million capital improvement program and intense leasing effort was implemented. Within one year, the capital improvement program was complete and the property was brought to 100% occupancy. Performance continues to improve as rental rates are continually raised to reflect the improved condition of the property.