Navesink Cove

• Location: Atlantic Highlands, NJ
• Style: Garden Style Condominium
• Acquired: 4Q17
• Opportunistic Reposition
• We acquired this asset in a highly distressed state post-foreclosure. This was a pool of foreclosed condominium units that were a result of a failed condominium conversion prior to the financial crisis. Condominium values in the complex had also declined as a result of insolvency at the HOA level. We are executing a business plan of systematically renovating, releasing, and eventually disposing of units at market values. Simultaneously, as a result of majority ownership in the HOA, we are taking control of the association and improving the financial condition to allow the HOA to garner reserves to remediate years of deferred maintenance, securing the future of the asset.