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Grand Palms
April 2, 2014

  • 438-unit market rate apartment complex
  • Acquisition and re-positioning of an existing complex in Tampa’s Carrollwood sub-market
  • Investment closed in February 2010. Once the renovation was completed in late 2010, a supplemental loan with Fannie Mae closed in March 2011 and returned 30% of the original invested capital. The project sold in August 2012 to a REIT and Legacy received OP Units. Legacy’s investment realized a 61.9% IRR and a 2.75x equity multiple.

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