University Gardens & Normandy were the neighboring properties of Chancellor Arms with a combined 138 apartments where existing rents were below market value, occupancies were low and renovations were needed in units and common areas. DIG purchased the properties in two separate transactions from different lenders and combined them. University Gardens was acquired via a note purchase and Normandy was acquired REO from the lender.
DIG completed the foreclosure on University Gardens and completed renovation plans on both properties, bringing the rents to market rates and increasing occupancy. The properties were subsequently refinanced with a cash out Fannie Mae loan and then sold in January of 2014.