Timber Townhomes

At the end of 2012, JK Equities, LLC acquired two distressed apartment complexes Hampton Roads, Virginia; Timbers Townhomes in Norfolk and Carybrook Townhomes in Hampton (sold in March 2016). The two properties were acquired through an assumption of their current debt on a modified basis. In order to achieve higher occupancy, improved tenancy and increased cash-flow, Ownership addressed all deferred maintenance items and other management/tenant related issues.

In August 2018, Timber Townhomes was sold, the proceeds from the sale and refinancing of both properties, which included carving out excess land at Carybrook for a separate sale.