This was syndication deal that we participated in with 92 other investors, we were not the ones who put this together.
The project was to acquire a land lease for 99 years on a piece of property on which we placed some trailer park model trailers to create a 208 unit lodge that was rented out to the oil workers in the Bakken.
With the historically low oil prices in late 2015 this project’s cash flowing capabilities has been hindered. With the oil fields basically shut down and our units basically vacant we ended up giving the entire to the landlord to pay for the back rent that had accumulated.
A complete loss on this project, learned a lot in terms of doing deals with others.
- 2588 134th Av NW
- North Dakota
- For Sale
- Property Type: