As the Asset Manager for Opportunity Advisors, The Excelsior Group (TEG) strategically pursued the remaining units in SummerCrest Condominiums, a slow-to-sell, mis-timed condominium building in Brooklyn Park, MN. During the course of a couple of years, TEG cultivated relationships with SummerCrest’s asset manager. Ultimately, that relationship created the opportunity for TEG, on behalf of Opportunity Advisors, to acquire the 21 remaining units in the 59-unit building in August of 2008.
SummerCrest is a 59-unit, mid-rise condominium property in Brooklyn Park, MN. The property was completed in the summer of 2007. Opportunity Advisors was attracted to the opportunity at SummerCrest because of the quality of the real estate and the fact that the opportunity was created by a distressed seller and not a distressed property.
TEG provided due diligence and acquisition services to Opportunity Advisors. TEG continues to provide asset and project management services for SummerCrest, including managing the logistics of selling the remaining unit inventory. At the appropriate time, TEG will institute a retail disposition strategy to maximize revenues to the owner, Opportunity Partners Fund I, LP.