Lemonjuice Successfully Repositions Distressed Texas Timeshare Resort
Lemonjuice Capital and Solutions announces the sale of Inverness Condominium property, a former timeshare property, repositioned as a multi-family residential community in Conroe, Montgomery County, Texas. When Lemonjuice was introduced to the Board of Directors in the summer of 2018, the 44-unit property was experiencing a significant rate of ownership abandonment by many of its 2,000 co-owners and lacked the funds needed to maintain the property. After extensive consultation with the board, communication with the remaining Inverness owners, evaluation of the facility and local market environment, Lemonjuice was asked to acquire the property as-is from all of the remaining owners who wanted to sell.
Over the next two years, Lemonjuice established onsite residential rental operations, thus meeting the demand in the local community. In addition, Lemonjuice invested more than half a million dollars in necessary repairs to the property and undertook extensive work to clean up the title.
The property sale occurred by a virtual auction conducted by Mark Thomas Auctioneers, Inc. on September 29, and the cash purchase closed on November 17. The proceeds will be distributed to the remaining owners, creditors, and Lemonjuice.
Alexander Krakovsky, CEO of Lemonjuice Capital said, “This property is one more in a series of previously distressed properties that we repositioned for productive use for the owners and the community. Creating enhanced value is always a hands-on team effort from various departments and individuals, including our accounting, IT, and skip-trace research departments. Project leaders Melanie Coffin and Jeff Ingram did an excellent job ensuring a successful outcome by overcoming multiple obstacles in cleaning up the title. The auctioneer, Mark Thomas, organized the sale process with skill and efficiency.”
About Lemonjuice Capital and Solutions
Lemonjuice Capital and Solutions (www.LemonjuiceSolutions.com) reimagines resort properties by leveraging our decades of timeshare experience with real estate expertise, and investment capital to serve the best interests of owners and boards. We identify new pathways to revitalize and reinvigorate properties to produce a more financially sound footing. Learn how to unlock the hidden value in your timeshare today by calling Jan at 863-602-8804 or email her at Jan.Barrow@Lemonjuice.biz.
By investing capital and company resources in projects, rather than simply being a paid service-provider, Lemonjuice aligns its interests and outcomes with the property’s owners, managers, investors, and stakeholders. Lemonjuice has now completed successful workouts for properties in Massachusetts, Maryland, North Carolina, and Texas, and has ongoing projects throughout United States.
For more information, contact Solutions@Lemonjuice.biz.
