Sunset Hills & The Enclave at Willowbrook
Written by: Luca Mangini on January 11, 2012
Bridge Partners recently acquired two non-performing loans secured by properties in Las Vegas NV and Houston TX. The acquisition was all cash and completed in less than two weeks. The loans, acquired from one lender but with two different borrowers, are both behind in payments and significantly under water. The investment strategy is to gain control of the real estate through a foreclosure or a deed in lieu, bring in professional onsite management and address all the deferred maintenance.
Sunset Hills Apartments consists of 120 two bedroom units built in 1988. The property is located in Henderson NV, close to the upscale District shopping center and the Zappos headquarters. The Enclave at Willowbrook is a 260 unit property built in 1983. The property is located in the northwest part of Houston TX, next to the Willowbrook Mall. Bridge Partners is well versed in both the Houston and the Las Vegas markets as its current portfolio includes several properties in each market. The Houston market presents the opportunity to benefit from a fast growing economy supported by the energy sector. In contrast, the Las Vegas market presents the opportunity to invest in a market recovering from the housing crisis as the gaming industry starts to reenergize the local economy.
The acquisition of these two loans is part of Bridge Partners’ investment strategy of buying non performing notes secured by multifamily properties throughout the country.