Location. Warringwood Heights is a 50 Unit, C class building in a B+/A- area of Hoover, AL, part of the Birmingham MSA. Warringwood Heights is benefitting from local job growth, civic attention to development and the recruitment of new businesses.

Description. This multi-family complex consists of 4, two-storey buildings situated in Hoover, Alabama, part of the Birmingham Metropolitan Area.

Purchase. Quantum Acquisitions intends to purchase this property for under market value and execute a multi-faceted value play strategy to increase revenues and disposition value from year 1 through year 5, when the property will be sold or refinanced.

Snapshot.

• Purchase Price: $2,080,000
• Units: 50
• Price Per Square Foot: $44.15
• Financing: 1st Mortgage: $1,664,000, 25 YR, P&I at 6.125%, No Second
• Leverage: 80/20 LTV
• Investor Equity: $650,000
• Pro-Forma 5 Year IRR: 21% after disposition
• Pro-Forma 5 Year Cash on Cash: 28% after disposition
• Acquisition complete in February 2009.