Reply to VA Revolution has purchased Evergreen Sportsplex

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Evergreen is a nice facility, and the investors purchased land which in NoVa will only go up in value. Interest rates are stupid low. So the cash out is electric and utility bills, maintenance crew, facility maintenance and property taxes. Cash in are field rental fees, restaurant vendor fees, sponsors (billboards), parking fees for church overflow paid by church. Not a bad investment. Cash flow break even while the property appreciates and your club gets to use nice fields.  [/quote]

Lol break even. The previous owners would like a word. [/quote]

Do tell since you seem to have the financial details. Maybe the prior owners were simply ready to cash out on the property and move on. But, please inform us with facts. [/quote]

If you haven't seen Evergreen's financials you haven't been around very long. They've been trying to offload the property for years. Multiple lenders we work with valued it between $4M-$5M. They were asking more than double that. Kudos to them for finally finding a buyer. [/quote]

Why would I have access to or look at their financials? Weird comment.  Anyhow, what was the sales price?  Do you know?  I am actually curious.  Lots of acreage.  I'd think easily worth more than that to a residential developer. Each of the homes in the next door neighborhood is work over $1M each.  I suppose the church there is a problem however.  In other words, try the soccer thing for a few years, if it doesn't work out, sell the lot to someone looking to build more homes.  Not sure what the zoning is but its smack dab in the middle of residential areas.[/quote]

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