COMPANY OVERVIEW
Blackwood, New Jersey
| Property Highlights | |
| Year Built: | 1973 |
| Year Purchased: | 1995 |
| Year Sold: | 2002 |
| Previous Occupancy: | 91% |
| At Sale Occupancy: | 96% |
| Number of Units: | 970 |
Fountainview Village Apartments, a renovated class B community in suburban Philadelphia, was purchased from Balcor in May, 1995. The purchase price, well below replacement cost, was particularly attractive given that the seller had recently completed a $10 million renovation of the project. Rent control, restrictive zoning and the lack of available land served to discourage new apartment construction. The property was approximately 91% occupied at closing and in need of some additional capital improvements. An effort by management to remove difficult residents temporarily pushed occupancy to as low as 67% before it rebounded to 94%. The community enjoyed a reputation as one of the best managed properties in the Philadelphia area, as evidenced by the numerous awards it received from the Apartment Association of Greater Philadephia and the New Jersey Apartment Association. In 2002, the property sold for a significant profit.