Cofinance Inc. acquired early 2014 a residential complex of 438 apartments of two and three room in the city of Homewood, on the outskirts of Birmingham (Alabama). The investment program is to improve the rental potential with a rental value review program. On this basis, with a strategic vacancy of 12%, the annual rental reaches $ 2.3 million end of 2015 an estimated $ 10 million.
Over the Mountain portfolio
Acquisition of apartments in 2014
Acquisition of a shopping center in 2005
111,000 sq ft in surface area
From 1999 to 2003, Cofinance Inc. developed a shopping centre called “Newburgh Town Center” in Newburgh, New Jersey. The initial investment of $24 million was used to develop total retail space of 146,000 square feet and build 696 parking spaces. Due to the wide variety of stores and the extensive offering, rents increased steadily, reaching $2.5 million in late 2005, for an asset value estimated at more than $34 million.
Newburgh Town Center
Acquisition of land and development of a shopping centre.
Surface area of 146 000 square feet
In 2005, Cofinance Inc. acquired an office building built in 1927 and renovated in 1981, with an area of 74,000 square feet in New York City. The building is leased by the city and occupied by the Beacon School. The rent (NNN) is $3.3 million per year. The value at the end of 2015 is estimated at more than $70 million.
227 West 61st – MANHATTAN
Manhattan (New York)
Acquisition of an office building in 2005
Surface of 74 000 square feet
In 1992, Cofinance Inc. acquired property near the Los Angeles Airport in California. The investment strategy is based on leasing the land to tenants operating over long periods (30 to 90 years): hotel, car park, residential, office. The underlying property complex has a total area of 556,000 square feet and a net income of $3 million.
Los Angeles (Californie)
The property was acquired in 1992
Total surface of 556 000 square feet