PrivCap Holdings acquired Edinborough Apartments on March 31, 2020 amidst the craziness of the ongoing pandemic. The 55+ apartment community consists of 128 units and has had historically strong occupancy. Constructed in the 1960’s, the property has been very well maintained and many of the units have been renovated and updated.
Asking rents were lagging the market and in-place rents were much further behind creating a low-cost value add opportunity for PrivCap. Long term fixed debt was secured at 3.17% through Fannie Mae enabling PrivCap to create strong cash flow for investors for an extended period.
PrivCap is proud to own Edinborough Apartments which it intends to keep in the portfolio long term.