90 Units

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Highlights: This is a 90-unit garden-style community located in the MSA of Orlando, Florida. The location offers easy access to downtown Orlando as well as to Disney and Universal. It also provides easy access to the I-4 corridor which provides direct access to both the Tampa Bay area as well as the Daytona Beach area. Built in 1996 and partially renovated in 2018, the property consists of ten two-story apartment buildings sitting on 5 acres. The neighborhood has a relaxed atmosphere with grounds that are covered with large, mature trees creating shaded courtyards between the buildings. The property has a desirable unit mix consisting of 6 studios, 74 one-bedroom/one-bathroom, (10) two-bedroom/one-bathroom. The property has an on-site office and a coin-operated laundry facility both in need of renovation.

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Repositioning: The property will be acquired $11,840,000. An additional $500,000 will be invested into property improvements. The (2) two-bedrooms/one-bathroom are vacant and will be fully renovated. In addition, all buildings need to be repainted, new landscaping and signage is also required. The pool needs cosmetic improvements. The property has an on-site office and a coin-operated laundry facility both in need of renovation. The property is under managed and the rent roll is substantially below the market average. The improvements to the grounds, laundry and pool combined with the renovations of the (10) two-bedroom units will allow our professional management to increase rents over year one to market level. This will increase NOI by $132,000 or more which will raise the value by over $2,000,000.

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