Lauren Ridge & River Run Apartment Complexes

Deal Summary:
– 2006 Construction on the 220 unit apartment complex began
– 2007 Original Developer defaulted on the construction loan
– 2008 Vision Ventures purchased the non performing note backed by 23.9 acres and all its improvements
– 2008 Vision Ventures purchased the fee simple ownership of the 23.9 acres and improvements
– 2009 Vision Ventures completed the construction of the 220 units and common amenities.
– 2009 Lease up began
– 2010 Vision Ventures successfully sold the River Run Apartment Complex

The Lauren Ridge Complex, located in Columbia, SC, consists of 220 luxury apartment units along with a clubhouse, pool and putting green on a 23.9 acre site. In 2008, Vision Ventures completed the acquisition of this non-performing first position loan in the amount of 18,250,000.00. The borrower was in foreclosure, the corporate guarantor was bankrupt and construction was only 85% complete. Vision stabilized the asset by finishing construction of the apartment units as well as common areas, including the clubhouse and pool. The inherited site work was one of the most challenging issue to rectify because the majority of the underground storm water system, including areas below parking surfaces and building structures, needed major repair and/or replacement. Construction was completed in 2009. The lease up effort was phased as each of the complex buildings were completed. Vision Ventures successfully sold the Lauren Ridge apartment complex in 2010 to the AVR Realty out of NYC.