Whisperwood was purchased as a distressed REO in October 2011. The property was suffering from serious neglect and had occupancy of 59.4% at takeover. Several units were not in rentable condition and the mechanical systems needed a major overhaul.
MBP Capital, Inc. acquired the distressed property and immediately began renovations to get the units in rentable condition. Evictions were filed on all non-rent paying residents further reducing the initial occupancy. At takeover Whisperwood was operated all bills paid and a utility bill-back commenced on all new leases and renewals. Within 12 months occupancy increased from 59% to over 90% and monthly income doubled. NOI improved significantly and MBP Capital was able to sell Whisperwood in February 2014 more than doubling the original equity investment.