Seven Oaks was acquired in 2015 with a value-add business plan. Located adjacent to Ft Meade, the home of the National Security Agency, there is strong demand for high-quality product from the affluent renter base. To meet that demand, over the initial hold period we carried out a comprehensive gut renovation of the clubhouse and amenity package, as well as executed unit renovations on turnover.
In late 2020, after successfully completing the initial business plan, we executed a substantial cash-out refinance, returning equity to our investors while transitioning into phase two of the business plan.
