32 Units

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Highlights: This project is located in the Sarasota-Bradenton MSA. Shopping, dining, and entertainment options are abundant within a ten-minute drive. Multiple premium beach access is available within a twenty-five-minute drive. The property itself consists of 32 garden style apartments located in 4 buildings and an additional building which houses a small office and community center, all situated on an 8.24 acre site. Each apartment features a 2bed/2 bath layout. The community was completed in 2007 and went through a structural upgrade in 2017 that included HVAC replacement and a reroof on all 5 buildings.

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Repositioning: This community was originally created to provide work force housing. As the area has been developed over the past decade the quality of the surrounding properties has dramatically improved. At this time the first and best use for this community will require a shift from a work force housing community to a mid-range apartment community which is better aligned with the surrounding area.

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The project will be acquired for $2,600,000 and an additional $176,000 will be invested into improvements. The new market lease rate for the improved units will increase by $150 per unit increasing gross income by $57,600 in the first year. Additionally, we have determined that the current manager is charging a massive premium to the owner. We will be able to immediately install our professional management team generating an annual savings of $32,000. These savings will directly contribute to improved cash flow as well as an increase in long term project value.

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