SAN DIEGO, CA - Coseo Properties, Inc. (CPI), a privately held San Diego based real estate investment and development company, is pleased to announced CPI has sold Maple Grove Apartments, a 57-unit multifamily property located in Hazel Park, Michigan, and Eagle Pointe Apartments a 36-unit multifamily property in St. Clair Shores Michigan. The two buildings were the first of many multifamily properties acquired by CPI as it modified its business plan from acquiring single family homes to apartments two years ago. At this time the fund will make the final distributions to investors and wind up the affairs of the LLC.
CPI has taken advantage of the strong capital markets with national banks realizing lucrative Detroit Metro opportunities in multifamily housing and the favorable pricing for this asset group. The fund capitalized with $600,000 recognized gains of approximately $1,708,000 on an aggregate sales price of $3,175,000. The investor members realized a cash flow of 8% per annum since the beginning of the deal. Cash from the sales transaction will be distributed to members and equate to a net 32% per annum return.
CPI acquired both properties as foreclosures which were mismanaged. The properties were rehabilitated, re-tenanted to 100% occupancy and marketed to single investors.
About Coseo Properties, Inc.
Coseo Properties, Inc. is a real estate and development company based in San Diego, California. Since 1983 CPI has been involved commercial, retail, industrial, and residential development as well as investment in land and foreclosed properties. In the last three years, Coseo Properties acquired, rehabilitated, leased, and successfully sold nearly 3,000 single-family homes around the country. In Michigan, alone, CPI acquired some 700 homes and has since converted 150 to rental properties. Today, in its constant effort to operate ahead of the mainstream, CPI has changed focus almost exclusively on investments in residential apartment buildings. For more information, visit www.coseoproperties.com.
CONTACT:
Calvin J. Coseo, Vice President, Investor Relations
Coseo Properties, Inc.
Phone: (858) 487-7100 ext 225
Facsimile: (858) 487-7112