purposes
of transparency. the gross IRR was 59.1%.
PROPRIETARY & CONFIDENTIAL - DECEMBER 2014 16
EFTA01116028
CaryBrook Apartments
• In October 2010, RFI acquired CaryBrook Apartments for $15.2 million. The business ... plan
included increasing both rents and occupancy to market levels.
• Before acquisition, CaryBrook underwent a $1.3 million renovation that included, but was not
limited to, the clubhouse, leasing office ... increasing both
rent and occupancy to market levels.
• In February 2014, RFI sold CaryBrook for $24.3 million, which exceeded the year five
underwritten disposition price of approximately $18.9 million