Purchased in November 2001 by affiliates of Amerimar Enterprises and Angelo, Gordon & Co., Chelsea on the Square Apartments (formerly known as Strawberry Run Apartments) represented an attractive value-added investment opportunity. The property, which is centrally located in Newark, Delaware, had suffered from significant mismanagement and deferred maintenance. Amerimar's redevelopment plan called for a significant renovation of the property's grounds, exteriors, common areas and apartment homes. In addition, the plan encompasses an aggressive and inventive leasing/marketing program for the newly-named property. Since the renovation, Chelsea on the Square Apartments has become recognized for its high quality apartment homes and attentive service.