St. John’s Apartments:
This 74 unit apartment complex located at 1233 Cavender in Hurst, Texas (formerly named Pinehurst) was purchased by Gillean Properties LLC in June of 2001 for $1,250,000 with a physical occupancy of 70% and collections at $30,000 per month.  Within a six-month period Mr. Gillean oversaw a cosmetic exterior and extensive interior renovation increasing the monthly collections to in excess of $42,000 per month.  Occupancy with increased from 70% to 94% in five months.  The property was purchased for $19,594 per unit, renovated for $2,000 per unit and sold in March of 2002 for $26,486 per unit to an out of state private investor.