FOR IMMEDIATE RELEASE
Toledo suburb
NEW YORK, March 12, 2004 – T-Rex Capital, LLC, today announced the acquisition of Fox Chase Apartments, a 304-unit complex in Holland, Ohio, a suburb of Toledo.
The 19.8 acre complex includes one and two-bedroom apartments in 23, two-story buildings and a clubhouse at 7300 Nightingale Drive, Holland, Ohio. The complex has a number of amenities including private entrances, a swimming pool, fitness center, tennis courts, sand volleyball court, picnic area and business center.
T-Rex paid $17.65 million, or $58,059 per unit, for the garden style apartments. Greenwich Capital provided the financing.
Improvements planned for the complex include new roofs as well as interior refurbishing and landscaping upgrades.
Construction of this Class “A” community was completed in 1989. Current occupancy of the apartment complex is at 90 percent. The property was sold to T-Rex by Trinet Trust through its agent, Sentinel Realty Advisors Corporation of New York.
Thomas M. Mulroy, T-Rex Chief Executive Officer, said the acquisition represented “an excellent opportunity to acquire a solid residential asset in an economically stable economy for a price significantly below its replacement cost.”
“In addition,” Mulroy said, “this acquisition represents another step in our focus on expanding in residential markets nationwide. While much of our attention centers on residential markets in The Southeast and the Sunbelt, clearly we are continuing to explore a wide range of opportunities nationwide.”
“T-Rex has built its reputation on an ability to capitalize on real estate opportunities the moment they arise,” Mulroy added. “This was one of those opportunities. We were able to move quickly to satisfy the seller’s requirements while at the same time securing another important investment for T-Rex.”
T-Rex Capital, LLC and its affiliates have completed commercial and residential investments in more than 7 million square feet nationwide with a combined value of more than $750 million. The company’s headquarters is at 747 Third Avenue, 24th Floor, New York, New York 10017, with regional offices in Washington, D.C. and Boca Raton, Florida.
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Michael London
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