Overview: This property is situated in the Pensacola MSA and consists of 24 luxury apartments. Each unit features a 2br/2bath layout with large panoramic windows facing a private courtyard that houses the complexes pool and spa. Each unit has its own laundry facilities as well as a gourmet kitchen featuring granite counter tops, glass time backsplashes and stainless steel GE Monogram appliances. The grounds are well maintained, and the complex is gated for security.

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The property was originally completed in 1999 and the current owner acquired the property in 2016 and did major improvements to all of the units including new cabinetry, luxury vinyl flooring, fixtures, and appliances. The property is being liquidated as part of a corporate restructuring.

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Repositioning: The property will be acquired for $2.4 Mil. Unfortunately, the property has suffered from over a year of poor maintenance while under the control of a court appointed trustee. This led to the current 75% occupancy rate. We estimate that an additional $50,000 to $60,000 will need to be invested in exterior repairs, maintenance, and landscaping to bring the property back to an acceptable standard. Once repairs are completed, and our professional management team is in place we will be able to fill the vacancies immediately due to the quality of the units and the high level of demand in the market.

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