Cranbrook Forest was a true off-market, deep value-add asset acquired by Lone Star Capital in July 2018. The previous owner, a large global investment fund, had acquired it out of bankruptcy as a small piece of a large portfolio. While some basic maintenance had been kept up, this group allowed Cranbrook to slip through the cracks operationally. The result was a challenging property that was mismanaged, mostly unrenovated, and had high vacancy, leaving significant valueadd opportunities from an operations and capex perspective
