Highlights:  This project is a 16-unit apartment community located on a 2-acre tract in the Sarasota-Bradenton MSA.  The community features all 1100sqft two bedroom / two bath units with a luxury finish located in two, two-story buildings.  Each unit has washer/dryer connections, travertine floor, granite counters, stainless appliances, 10 ft ceilings, luxury moldings, and a private patio or balcony. Additionally, residents benefit in its proximity to Sarasota’s largest employers, highly rated schools, and a variety of preferred retailers.  Premium beach access is available within a twenty-five-minute drive.  These factors combine to make this area on of the most desirable residential areas in the Gulf Coast region. The property was built in 2008 and subsequently purchased by the current owner in 2010. The interior of the units has been well maintained, however the exterior of the buildings and the grounds are in need of improvement.

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Repositioning:  The project will be acquired for $2,400,000 and an additional $150,000 - $200,000 will be invested into the property improvements.   These improvements will focus on interior deferred maintenance on the HVAC and water heaters which have all surpassed their service life. Exterior improvements will focus on improved landscaping and exterior painting.  These improvements will allow for rents to be adjusted to market rates upon renewal.  The new market lease rate for the improved units will increase by $110 per unit increasing gross annual income by $21,120 in the first year.  Based on the current market CAP that will produce a $352,000 increase in property value.

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