Ringgold Road is a 27 Unit office building.
This asset was a direct-to-seller purchase. We leveraged bank debt and seller financing to purchase this property with just 10% out of pocket. The asset was being neglected by an out of state owner, during due diligence we uncovered massive stealing from the manager that was on site. Nobody was on leases and everyone was paying the manager cash.
Titan Capital purchased the asset, and immediately re-leased 24 of the 27 units at a higher price per square foot, on long-term leases. This added over $700,000 in forced appreciation equity to the asset within 4 months of purchase. Titan Capital elected to capture that equity gain with a quick sale. Exiting the asset for a nice gain and making our investors over a 65% return on their capital.