The Dolben Company | Property Management

Case Studies

Cumberland Crossing is a 288 unit apartment community located in Cumberland, RI. The property was developed with in joint venture between Dolben and Cornerstone Real Estate Advisors (MassMutual) in 2000. Total project costs were $26,500,000, including $7,094,371 of investor equity. The asset was sold in 2006 generating an IRR to equity of 38.4% and a 3.9 equity multiple over a 6 year hold period.

 

Spotswood Commons is a 212 unit apartment community located in Williamsburg, VA. The property was acquired in 2003 in joint venture between Dolben and Keybank/Fannie Mae. Total project costs were $22,300,000, including $4,459,022 of investor equity. The asset was sold in 2006 generating an IRR to equity of 23.0% and a 1.8 equity multiple over a 3 year hold period.

 

The Groves at Piney Orchard is a 258 unit apartment community located in Odenton, MD. The property was developed in 1997 by Dolben with HUD 221D4 financing and $1,350,000 in investor equity. The property was recapitalized in 2011 generating an IRR to equity of 15.1% and a 5.9 equity multiple over a 14 year hold period.

 

Summit Place is a 280 unit apartment community located in Methuen, Massachusetts. The property was developed in joint venture between Dolben and Cornerstone Real Estate Advisors (MassMutual) in 2007. Total project costs were $44,943,522, including $13,783,188 of investor equity. The asset was sold in 2014 generating an IRR to equity of 9.4%, and a 1.8 equity multiple over a 7 year hold period.