Tanner Place Apartments: 
This 130 unit apartment complex located at 3315 Willow Creek in Irving, Texas (formerly named Zachary Place) was purchased by Gillean Properties LLC in April, 2000 for $2,350,000.  At closing, the economic occupancy was 82% and collections were $56,000 per month or averaging less than $425 per unit.  Within six months Mr. Gillean oversaw a thorough cosmetic rehab and unit upgrade increasing the current market rents to a minimum of $539 per month and increasing the occupancy to in excess of 95%.  Current monthly collections for the eight-month of ownership exceed $77,000.  Based upon the current economics being achieved by the property, the value has been doubled in less than twelve months.  The property was transformed from a run-down, ignored property to a very desirable, attractive, and sought after blue collar apartment community achieving rental rates comparable to any property within the submarket.