Timber Townhomes

JK Equities, LLC acquired two distressed apartment complexes in Hampton Roads, Virginia; Timber Townhomes in Norfolk and Carybrook Townhomes in Hampton in 2012. The two properties were acquired by assuming 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.