Apartment is sold!

I received word that the sale of our apartment complex finally and actually closed on Friday. Hooray! Our group of investors received net proceeds of $4.39 million on the sale. (Note this is net proceeds, not profits!) Four million of that is being distributed to us next week, with the rest of the funds being held back to cover any remaining company expenses that might come up during the closing of the company formed for the investment. Any funds left after that will then be distributed to investors. We made enough to cover our preferred 9% return.

I'll post a more detailed analysis of the final investment returns once I receive the check. However, I'm also going on vacation next week. Even if I receive the check before I leave, I doubt I'll have time to do a write up before I go, so the final report on this investment probably won't happen until the beginning of July.