Real Estate – Pulsifer Investments LLC

In the of Fall 2010, Pulsifer Investments, LLC was asked by a long time partner Rocky Mountain Development Group to take on a role as asset manager for their growing portfolio of Low Income Housing Tax Credit properties. The assignment is a perfect fit to capitalize on Pulsifer’s strengths and experience in the ownership, management, and operation of properties, as well as leverage his experience managing extensive renovation and CAPEX projects.

The asset manger’s role is that of an active owner able to undertake strategic initiatives to increase asset values and cash flow, watch operating costs closely, and advise and direct property managers, regional managers, housing authority officials, bankers, and investors on all aspects of the project. The assignment is a perfect fit for Pulsifer and Rocky alike.

Rocky Mountain Development Group has a diverse portfolio of LIHTC properties in Florida, Montana, and Oregon. In partnership with the Wishcamper Companies of Portland Maine, Rocky has additional projects in Connecticut and Mississippi and Nebraska.

Additionally in their home town of Missoula, Montana Rocky is building a new LIHTC project in partnership with the City of Missoula Housing Authority.

Rocky Mountain Development Group is an innovative developer and owner and operates with the highest standards of integrity and open communications. Pulsifer Investments, LLC is proud to be associated with this excellent firm of top notch individuals dedicated to providing quality properties.

The Riverwood is an ambitious purchase of 171 units in Grants Pass, Oregon.

The property is a classic case where the sum of its parts is worth more than the whole.

Built in phases from 1991 to 2001, the 171 units broke down to 120 units of quality apartments, 30 units of townhomes suited to single family ownership thru condo conversion, and 16 units of 2001 era apartments that are also better suited to individual ownership. An additional 4 units plus a single family home rounded off the project.

The property was acquired in June, 2007, and work commenced immediately on needed and overdue capital improvements to the 120 unit, including siding, landscaping, paint, and interior improvements. This work was largely complete by May 2008.

Simultaneously, the condo conversion of the 16 and 30 unit properties commenced in the fall of 2007, and was complete by April, 2008, and included phase 1 of 2 phases of exterior work on the 30 units, plus interior improvements.

With 2 units closing upon condo conversion recordation, the market confirmed our believe in the desirability of these units.

By September 2008, however, with the credit crisis in full swing, the real estate market in turmoil, and residential lending disrupted, the retail sales activities of the Riverwood were temporarily suspended until better times.