Welcome

This is the first of a weekly posting I will be making to keep everyone informed on our progress towards our $1 Billion growth goals.

This past week we closed on our 5th Indianapolis building and our first in the Greenwood suburb. This was an example of the perfect NWJ acquisition. The seller was an office building investor in Chicago. He had no idea what he was doing in the apartment business and Matt Lukoff and Dave Mclain did a great job negotiating an advantagous deal for us. The finance structure we put together was one that only NWJ could complete. We assumed the existing loan that would have required significant penalties if paid off. We intend to stabilize the building (its currently 70% occupied) with our management partners Neighborhood group and our newest manager Karen. Under the guidance of Massimo, Brian and their teams we should have no problem being ready to refi this property quickly. All market indicators show that we should be refinancing the project in the next 15 months with a full payback to the investors with premium thereby increasing the company equity share. Long term this will be a good assest for the NWJ portfolio and part of the Signature Community.


Also this week, Signture Community was initiated in Waldo Heights of Kansas City. Signture also anounced its latest resident feature --- Jump Start Home Purchase Program. This program gives $2500 to any resident purchasing a home from a Signature Preffered Builder. This is once again an amazing offering to our residents and Brian, Gail and the entire Signture Community are doing a great job getting the message out to our residents.

The best is yet to come.

Thanks to everyone for Making it Happen!