Yep, a regional with consistent (not outstanding) growth for units of:
2011 +0.6%
2010 +15.9%
2009 +10.5%
2008 -9.6%
2007 +14.9%
6.36% yield (not allowing for any vacancies) is NOT cash flow positive UNLESS you put in a large deposit.
Sounds like a developer in trouble. They did not even...