Prospect Towers
Price: $ 13,500,000
Total Number of Units: 208
Address: 801 Chestnut Street, Clearwater, FL 33756
- $508 spread between Prospect Towers Pro Forma rents and The Nolen’s one-bedroom average rent
- 33% average effective rent growth since 2016
- Potential for $71,708 increase in Effective Gross Income by continuing the recently implemented cable reimbursement program
- Potential for a $53,835 increase in Effective Gross Income by implementing a $25 per month flat fee for water and sewer
- Significant capital improvements made in last five years including new air handlers, elevator rehabilitation, and an upgraded amenity package
Lead Agent(s): Francesco P. Carriera or Michael P. Regan
View PropertyRiverside Court Apartments
Price: $ 1,850,000
Total Number of Units: 17
Address: 2738 Riverside Ave, Jacksonville, FL 32205, USA
- Located in the popular Riverside neighborhood
- Walking distance to many restaurants and entertainment facilities
- Centrally located – close to I95 and Downtown Jacksonville
- Voted as one of America’s Top 10 neighborhoods
Lead Agent(s): Ryan B. Tomka
View PropertyRiver Pointe Apartments – Closed on December 6, 2018
Price: $ 19,300,000
Total Number of Units: 212
Address: 8024 Hidden River Drive, Tampa, FL 33617, USA
- Opportunity to increase Effective Gross Income by $198,552 through the end of year one operations
- 24% of units remaining to be renovated with a $94 premium on average compared to standard units
- Majority two and three-bedroom floor plans
- Opportunity to add washer/dryer appliances in 70 units already with connections and receive an additional $40 premium
- Recent exterior capital improvements including exterior paint on all buildings, completely remodeled clubhouse, the addition of artificial turf soccer field, new pool pavers and outdoor kitchen, new property signage, and updated children’s playgrounds
Lead Agent(s): Francesco P. Carriera or Michael P. Regan
View PropertyKAIN Portfolio – Closed on November 29, 2018
Price: $ 14,750,000
Total Number of Units: 202
Address: 13021 Kain Palms Court, Tampa, FL 33612, USA
- Through strategic property and management efforts, a buyer could increase Effective Gross Income in year 1 of operations by $237,607
- 89% of the units are in two of the properties 24% of the units were constructed in 2007
- Portfolio consists of a superior unit mix comprised of majority two and three – bedroom floor plans
Lead Agent(s): Cameron S. Barbas
View PropertyBay Point Apartments
Price: $ Market Bid
Total Number of Units: 112
Address: 11431 Cockle Drive, Port Richey, FL 34668, USA
- $205,357 (41%) potential increase in end of year one Net Operating Income
- $126,672 in-place loss-to-lease
Opportunity to execute value-add business strategy:
- Add washer/dryer connections in the remaining 15 units
- Add washer/dryer appliances in 112 units
- Finish in-place flooring premium package
- Reface kitchen cabinets and update lighting package
- Potential to add dog park or community pool on low-density parcel
- Potential to build additional units
- Low-density parcel of 9.82 +/- units per acre
Call for Offers: Thursday, November 29 by 5:30 pm EST
Lead Agent(s): Cameron S. Barbas
View PropertySand Cove Apartments
Price: $ Market Bid
Total Number of Units: 72
Address: 3813 Gulf Boulevard, St Pete Beach, FL 33706, USA
- Irreplaceable waterfront property located on the Intracoastal directly across the street from St. Pete Beach
- Built-in 1973 with five-story concrete block construction including concrete subfloors
- Value-add opportunity to increase average rents by $732 from the current in-place rents through full interior and exterior renovations
- Ability to implement a utility reimbursement program which is common in the submarket
- 55 covered parking spaces including 10 garages with the capability to add garage doors to every space
Lead Agent(s): Francesco P. Carriera or Michael P. Regan
View Property2420 Burlington
Price: $ 400,000
Total Number of Units: 4
Address: 2420 Burlington Avenue North, Saint Petersburg, FL, USA
- New roof installed (2017)
- Clean interior finishes
- Exceptionally well-built 1920s historic asset
Lead Agent(s): Joshua Teplitzky
View PropertyThe Summit Portfolio
Price: $ Market Bid
Total Number of Units: 108 Units/216 Beds
Address: 600 Eugenia Street, Tallahassee, FL, USA
- 216 student housing beds located just 0.4-miles from the Florida State campus
- Two-property portfolio built in 2002
- Ability to serve as the low-cost provider within the rapidly expanding College Town submarket
- Significant upside available by increasing rental rates to trail the College Town average by $168/month
University Highlights:
- 41,368 total enrollment (32,929 undergraduate)
- Florida State University recently made a significant jump in the national public-school rankings, moving all the up to the 26th best public university in the United States
- Legacy Hall, Florida State’s Future College of Business is set to open in the Arena Development District, which is located just 0.4-miles from the Summit Portfolio
- Florida State University saw a record number of enrollment applications for the 2018/19 academic year
- Jim Moran College of Entrepreneurship was recently completed in Downtown Tallahassee
Call for Offers: Thursday, October 25th by 5:30pm EST
Lead Agent(s): Benjamin N. Skinner and Matthew W. Prozzillo
View PropertyBrandychase Condominiums
Price: $ Market Bid
Total Number of Units: 34
Address: 4325 Aegean Drive, Tampa, FL 33611, USA
- 34 units constructed in 1981 of concrete block in South Tampa
- Ability to increase Net Operating Income by $152,573 in year 1
- On-site amenity package superior to immediate competitive properties
- Situated in a prime location just north of Gandy Blvd – 41,000 daily traffic count
Lead Agent(s): Joshua D. Teplitzky
View PropertyMoncler Isles
Price: $ Market Bid
Total Number of Units: 484
Address: 6158 Beacon Isles Drive, Tampa, FL 33615, USA
- 484 unit gated multifamily community with four scenic lakes in Tampa, FL
- Perfect value-add opportunity in a market with limited value-add properties remaining
- $112 average effective rental spread between standard and upgraded
- Valencia at Westchase (property directly adjacent to Moncler Isles) currently charges $415 and $543 more than the Moncler Isles standard average effective rents on 1×1 and 2×2 floor plans, respectively
- $226 spread between average current asking rents at all competing properties and the current average effective upgraded rents at Moncler Isles 1×1 floor plans
- $260 spread between average current asking rents at all competing properties and the current average effective upgraded rents at Moncler Isles 2×2 floor plans
- $570,688 increase in end of year 1 effective gross income through upgrading 155 units
- $1,554,840 increase in end of year 3 effective gross income at 100% upgraded units
- $168,024 in-place loss-to-lease upside (currently achieving market rent in 24% of units)
- $1,357,887 increase in end of year 3 net operating income
Call for Offers: Thursday, September 27th by 5:30pm EST
>>View Deal Portal Here<<
Lead Agent(s): Francesco P. Carriera or Michael P. Regan
View PropertyThe Park at Ravenna
Price: $ Market Bid
Total Number of Units: 300
Address: 6919 Bonair Drive, Tampa, FL 33617, USA
- 300-unit multifamily community constructed of concrete block, located in Tampa, FL
- 3.2 million in capital expenditures since 2016
- $228,948 immediate upside through in-place loss-to-lease
- Opportunity to increase rents 14% on top of the current average
- $340,247 (21%) increase in Net Operating Income in year 1
- Exterior renovations include revitalized landscaping, repaired common area lighting, all new roofs, repaired stairs and siding, new paint, remodeled clubhouse, energized community amenities, and a remodeled clubhouse
- Interior renovations include new modern white cabinets, white appliances, modern vinyl flooring, new ranges, resurfaced countertops, updated lighting package, updated hardware, ceilings fans, and blinds
Call for Offers: Thursday, October 4th by 5:30pm EST
>>View Deal Portal Here<<
Lead Agent(s): Francesco P. Carriera or Michael P. Regan
View PropertyLandSouth Florida Portfolio
Price: $ Market Bid
Total Number of Units: 533
Address: 2301 Old Bainbridge Rd, Tallahassee, FL, USA
- Thirteen property (533-unit) multifamily portfolio located in Tallahassee, FL
- Opportunity to realize efficiencies by providing residents with optionality regarding location and competitive rent structures
- Ability for a new investor to tailor and upgrade the under-utilized clubhouses and amenity spaces
- A significant upside for a new investor to add additional units by redeveloping existing vacant buildings and green spaces across the portfolio
- Tallahassee, FL has a projected 10-year future job growth of 33.4%, stemming from the numerous redevelopment initiatives occurring across the city
Nearby Economic Drivers & Attractions
- Centre of Tallahassee: a mixed-use redevelopment of the existing mall into a retail, dining, art, culture, and entertainment hub inclusive of an urban food hall and covered amphitheater
- Frenchtown Gateway Development: $70-million project that is expected to create over 1,400 construction and permanent jobs
- Cascades Development: $500-million+ project that will further expand Downtown Tallahassee’s footprint, inclusive of retail, class-A office space, a hotel, condos, and apartments
- Cascades Park: a recently completed park that will act as the front doorstep to the Cascades Development upon its completion. Cascades Park is home to a large outdoor amphitheater
- Railroad Square Art Park: an eclectic attraction that is home to Proof Brewery, multiple art shops, boutique clothiers, and small cafes located adjacent to Conklin Commons and minutes away from Providence Pointe
- Downtown Tallahassee: home to the State Capitol of Florida and over thirty state agency headquarters (20,000+ employees)
- Florida State University: tier I university with an enrollment of 41,368 and 14,079 employees
- Florida A&M University: top 10 rated HBCU institution in the United States with an enrollment of 9,913 and a faculty base of 675
- Tallahassee Community College: a two-year educational institution with an enrollment of 24,639 and 1,579 employees
>>View Deal Portal Here<<
Properties can be sold in various combinations based on each individual buyer’s preference. Please contact listing agents for more information.
Benjamin N. Skinner / (813) 387-4778 / Benjamin.Skinner@marcusmillichap.com
Matthew W. Prozzillo / (813) 387-4818 / Matthew.Prozzillo@marcusmillichap.com
Call for Offers: Thursday, December 6th by 5:30 pm EST
Lead Agent(s): Benjamin N. Skinner and Matthew W. Prozzillo
View PropertyRiverside Portfolio – Closed on November 1, 2018
Price: $ 3,750,000
Total Number of Units: 32
Address: 2303 College St, Jacksonville, FL 32204, USA
- Opportunity to increase rents on renewal by $50-$100/unit to meet the market
- 100% occupied for the last 3 years with a waiting list
- 11 of the 12 buildings are less than ½ a mile from each other for ease of management
- Retiring owner is offering negotiable seller financing with a 30-year amortization, 3-10 year term with potential interest only period possible to increase buyers day one cash flow
Lead Agent(s): Ryan B. Tomka
View PropertyAvesta Heritage Cove Apartments – Closed on October 24, 2018
Price: $ 8,450,000
Total Number of Units: 90
Address: 7402 Heritage Hills Drive, Temple Terrace, FL 33637, USA
- Rare opportunity to own 90 units of 1980s concrete block construction in Tampa, FL
- 96% average current occupancy level of all comparable properties
- Opportunity to supply washer/dryer appliances and receive $40 monthly rental premium
- Opportunity to increase NOI by $105,169 through strategic management adjustments and by moving rents up to meet the market
- Clean asset with recent capital improvements including the addition of a front entrance gate, revitalized exterior paint, expansion of pool deck, two new roofs, and reinforced staircases
- Minimal repair and maintenance outlook for next 5 years with recent exterior updates and unit finishes
- $109,551 increase in effective gross income by end of year 1 operations
- Significant rental spread between Avesta Heritage Cove and competing properties
Lead Agent(s): Joshua D. Teplitzky
View Property1120 Cedar Street – Closed on October 25, 2018
Price: $ 540,000
Total Number of Units: 7
Address: 1120 Cedar Street, Jacksonville, FL 32207, USA
- Below market rent
- All brick construction
- Value-add property
Lead Agent(s): Ryan B. Tomka
View PropertyOrangeview Apartments – October 26, 2018
Price: $ 675,000
Total Number of Units: 8
Address: 8802 North Orangeview Avenue, Tampa, FL 33617, USA
- A superior unit mix of all two-bedroom floor plans with w/d connections
- Value-add opportunity to achieve 20%+ cash on cash return in year 1
- Concrete block construction
- Fully occupied community
- The entire building has recently been newly painted and new landscaping
- Located on a large corner lot with ample off-street parking
Lead Agent(s): Matthew S. Valeri and Cameron S. Barbas
View PropertyFairfield Lakes Apartments – Closed on October 18, 2018
Price: $ 29,000,000
Total Number of Units: 268
Address: 8100 US Highway 98, Pensacola, FL, United States
- 95%+ T12 Occupancy
- $113,500 of In-Place Loss-to-Lease Upside Based on Current Asking Rents ($35/unit/year)
- Up to $300 of Rental Upside based on Most-Direct Market Competitors
- Opportunity to Perform Strategic Capital Upgrades to Unit Interiors
- $365 Affordability Gap Between the Cost-to-Own in the Immediate MSA and the Current Average Effective Rent at Fairfield Lakes Apartments
Call for Offers: Wednesday, February 14th by 5pm EST
>>Click Here to View Offering Documents<<
Lead Agent(s): Francesco P. Carriera or Michael P. Regan
View PropertyTropic Aire Apartments
Price: $ 1,800,000
Total Number of Units: 16
Address: 135 8th Avenue Northeast, St. Petersburg, FL 33701, USA
- Concrete block 1950s construction
- 16 studio units in St. Petersburg’s highly desirable submarket Old Northeast
- Well maintained original hardwood flooring
Lead Agent(s): Eric P. Simone
View PropertyPensacola Station – Closed on September 28, 2018
Price: $ 1,499,000
Total Number of Units: 24
Address: 103 Cactus Street, Tallahassee, FL, United States
- 8.83% CAP Rate
- Unit Interior Renovations Include Granite Countertops, Stainless Steel Appliances, New Bathroom Vanities, New Kitchen Cabinets and Interior Paint
Lead Agent(s): Joshua D. Teplitzky
View PropertyCentury Lake Townhomes
Price: $ 14,500,000
Total Number of Units: 90
Address: 685 Century 21 Drive, Jacksonville, FL 32216
- New construction townhomes
- Construction to be completed in 2019
- Tenant pays all utilities
- 5% annual projected rent growth for Jacksonville
Lead Agent(s): Ryan B. Tomka
View PropertyContinental Park Apartments
Price: $ 1,920,000
Total Number of Units: 24
Address: 2393 Continental Avenue, Tallahassee, FL, USA
- Within a two-mile radius of Florida State University and Tallahassee Community College
- Located five minutes from Downtown Tallahassee
- Close proximity to Florida State’s Capital which provides more than 39,000 public jobs
Lead Agent(s): Joshua Teplitzky
View PropertyOsprey Landings Apartments – Closed on September 24, 2018
Price: $ 11,700,000
Total Number of Units: 108
Address: 1756 S Clyde Morris Blvd, Daytona Beach, FL 32119, United States
Built in 1985 with 67 Percent 2×2 Floor Plans
Stabilized Asset with Inherent Upside
- 4.92% total vacancy, concessions and bad debt (T12)
- 7.95% organic effective income growth (T12)
- $53,000 in-place loss-to-lease
Substantial Premium Potential for Upgrades
- Up to $270-295 per month premiums for one and two-bedroom units
Lead Agent(s): Michael P. Regan
View PropertyImperial Village Apartments – Closed on September 21, 2018
Price: $ 19,300,000
Total Number of Units: 144
Address: 9790 Hamlin Boulevard, Seminole, FL 33776, USA
- Value-add opportunity through clubhouse and amenity renovations
- 100 percent renovated interiors with minimal repairs and maintenance expenses
- Current ownership has spent in excess of $2.8 million on capital improvements
- $300,000 potential increase in effective gross income by implementing a valet trash program, cable reimbursement program, adding patios, and increasing rents to surpass inferior competition
- Fantastic A+ location in Seminole, FL with very limited competition
Call for Offers: Wednesday, June 20th by 5:30 pm EST
Lead Agent(s): Francesco P. Carriera or Michael P. Regan
View PropertyPort Tampa Apartments
Price: $ Market Bid
Total Number of Units: 14
Address: 7102 S Kissimmee St. Unit A D,Tampa, FL 33608
- 26% cash-on-cash return after year 1
- Value-add opportunity by increasing NOI 38% by end of year 1
- Approximately $250 average rent increases by end of year 1
- 100% 2 bedroom/1 bath floorplans with washer/dryer connections and private patios
- 1980’s concrete block construction
- Select units have been upgraded with granite countertops, stainless steel appliances, new cabinets, and vinyl plank flooring
Lead Agent(s): Cameron S. Barbas
View PropertyLake Side Manor
Price: $ 1,300,000
Total Number of Units: 12
Address: 3600 9th Street South, Saint Petersburg, FL, USA
- Water views of Lake Maggiore
- Roofs resealed in 2018
- Highly desirable concrete block construction
- 8 renovated units with new kitchen cabinetry, flooring, and bathroom vanities
Lead Agent(s): Joshua D. Teplitzky
View PropertyNew America Condos – Closed on September 14, 2018
Price: $ 1,050,000
Total Number of Units: 22
Address: 8602 Pioneer Trail, Port Richey, FL, United States
- Opportunity to collect $9,240 in loss-to-lease by resigning leases at current market rent
- Highly desirable unit mix consisting of all two-bedroom/one and one half-bathroom townhouse units
- Excellent amenity package made up of washer/dryer connections, private patios and a basketball court
Lead Agent(s): Matthew W. Prozzillo
View PropertyVillas at Deer Park – Closed on September 13, 2018
Price: $ 21,750,000
Total Number of Units: 172
Address: 15215 Livingston Avenue, Lutz, FL 33559
- Value-Add Opportunity Constructed on Concrete Block in Tampa, FL
- Opportunity to increase Gross Possible Rent by $401,000
- $209 weighted spread between Diamond Upgraded unit with washer/dryer appliances current market rent and all other finish levels weighted average effective rent
- Recent exterior capital improvements include resurfaced parking lot, revitalized landscaping, and energized building exterior paint
- All corner units with private fenced-in patios
Call for Offers: Wednesday, May 23rd
View Offering Here
Lead Agent(s): Michael P. Regan or Francesco P. Carriera
View PropertySan Juan Apartments – Closed on August 31, 2018
Price: $ 720,000
Total Number of Units: 4
Address:
- Five-minute bike ride to the beautiful Bayshore Boulevard
- Located in Tampa’s urban core within close proximity to multiple redevelopments such as bill gates, Jeff Vinik, and Tampa port authority’s $3 billion downtown/water street redevelopment, the heights redevelopment, west river redevelopment, Tampa international airport’s $1 billion renovation, Westshore marina district and more
- Close proximity to 90+ bars, restaurants, and retail destinations
- Located within a 10-minute drive time of 159,000 jobs within downtown Tampa and Westshore business district
Lead Agent(s): Matthew W. Prozzillo
View PropertyTampa Bay Portfolio
Price: $ 1,150,000
Total Number of Units: 21
Address: 1105 East Bird Street, Tampa, FL, USA
- Impeccably built concrete block buildings
- Fully stabilized portfolio with an immediate path to rental upside
- 100% fully occupied community with a waiting list
- Washer/dryer connections in select units
- Value add opportunity by increasing rents $100+/unit
- All units are individually metered for water
Lead Agent(s): Joshua Teplitzky
View Property4th Place Apartments
Price: $ 1,600,000
Total Number of Units: 32
Address: 6735 Southwest 4th Place, Gainesville, FL, United States
- Select units have been beautifully renovated in 2017/2018 with vinyl wood flooring, new kitchen cabinetry, washer/dryer appliances, new appliances, new lighting, and new bathroom vanities
- Opportunity to continue renovations and capitalize on significant rental upside approximately $90+ higher than average effective rents
- Highly desirable 1980s vintage asset comprised of concrete block construction with amenities such as washer/dryer appliances and private patios
Lead Agent(s): Matthew W. Prozzillo
View PropertyNorth Hubert Apartments – Closed July 31, 2018
Price: $ 720,000
Total Number of Units: 14
Address: 4611 North Hubert Avenue, Tampa, FL, United States
- Attractive Unit Mix Comprised of 87% Two and Three-Bedrooms
- Value-Add Opportunity by Continuing to Increase Rents and Achieving a 10.62% Cap Rate (24.26% Cash on Cash Return) EOY1
- Upgraded Units Include Granite Countertops, New Cabinets, Vinyl or Tile Flooring, New Bathrooms, and Brushed Nickel Hardware
Lead Agent(s): Cameron S. Barbas
View PropertyCourtyard Gardens Apartments – Closed on July 20, 2018
Price: $ 1,395,000
Total Number of Units: 8
Address: 408 South Tampania Avenue, Tampa, FL, USA
- Value add opportunity by increasing average rents $500+
- Unit mix comprised of large two-bedroom/one-bathroom floor plans
- Private gated entry, beautifully updated serene courtyard, and private balconies/patios
- Washer/dryer appliances and large storage closets
Lead Agent(s): Matthew W. Prozzillo
View Property442 30th Avenue North – Closed on July 13, 2018
Price: $ 515,000
Total Number of Units: 9
Address: 442 30th Avenue North, St. Petersburg, FL, United States
- Premium location in the heart of desirable St. Petersburg
- Only 20 minutes to St. Pete beach ranked “#3 beach in the U.S.” by TripAdvisor in 2017
Lead Agent(s): Joshua Teplitzky
View PropertyParadise Gardens – Closed on July 10, 2018
Price: $ 1,600,000
Total Number of Units: 16
Address: 801-811 Southeast 12th Avenue, Cape Coral, FL 33990, USA
- Well-built 1980’s vintage concrete block construction
- Highly desirable unit mix consisting of large two and three bedroom townhouse units
- Amenitized property with a large courtyard, pool, and in-unit laundry connections
- Significant value-add opportunity (9.43% year one cap rate)
- Current rents are 18% below market comparable rents
- Ability to realize a year one cash-on-cash of 15.59%
Lead Agent(s): Benjamin N. Skinner
View PropertyFrankie Court Apartments – Closed on July 09, 2018
Price: $ 1,563,000
Total Number of Units: 17
Address: 4421 Frankie Court, North Fort Myers, FL 33903, USA
- Recently Renovated Concrete Block Construction
- Desirable Unit Mix Consisting of Two Bedroom Townhouse and Duplex Units
- Amenities Include In-Unit Laundry Connections
- Ability to Realize a Year One Cash-On-Cash of 21.83% Through Loss-To-Lease Recapture
Lead Agent(s): Benjamin N. Skinner
View PropertyPark West Courtyard Apartments – Closed on June 11, 2018
Price: $ 5,100,000
Total Number of Units: 30
Address: 3215 West Swann Avenue, Tampa, FL, United States
- Approximately $27,000 In Loss-to-Lease Available to be Recaptured
- Value Add Opportunity by Increasing Average Rents $200+
- Private Gated Entry, Beautifully Updated Serene Courtyard and Renovated Unit Interiors
Call for Offers: Thursday, March 8th by 5pm EST
Lead Agent(s): Cameron S. Barbas
View PropertyCrystal River Apartments – Closed on June 8, 2018
Price: $ 1,550,000
Total Number of Units: 32
Address: 8570 Southeast Mayo Drive, Crystal River, FL 34429, United States
- Highly Desirable 1980s Vintage Construction
- Heavily Renovated Interiors with Individually Sub-metered Buildings
- Opportunity to Gain Significant Market Share in the Citrus River Market
- Ability to Achieve a Year One Cap Rate of 10.75% (28.91% Cash-On-Cash Return)
- Current Average Effective Rents are 15% Below Current Market Rents
- Recapture 133% of Initial Down Payment within Four Years
Lead Agent(s): Benjamin N. Skinner
View PropertyEl Mar Apartments – Closed on June 4, 2018
Price: $ 1,450,000
Total Number of Units: 10
Address: 701 1st Street, Indian Rocks Beach, FL 33785, USA
- Well-Built 1970’s Vintage Concrete Block Construction
- Amenitized Property Consisting of a Large Courtyard, Grilling Station, and On-Site Laundry
- Ability to Operate as Annual or Prime Seasonal Rentals
- Current Rents are 18% Below Market Comparable Rents
- Opportunity to Realize a 12%+ Cash-On-Cash Return Near the Beach
Lead Agent(s): Benjamin N. Skinner
View PropertyEstrella Apartments – Closed May 1, 2018
Price: $ 728,571
Total Number of Units: 4
Address: 2812 West Estrella Street, Tampa, FL, United States
- Opportunity to Obtain a Bite-Sized, Fully Stabilized Multi-Family Asset in Tampa’s Urban Core
- Ability to Increase rents $203 Upon Lease Renewals and Increase NOI by 6% Without the Need to Infuse more Capital
- Newly Renovated Unit Interior and Exteriors Including Granite Countertops, New Appliances, Original Hardwood Flooring, New Cabinets and Lush Landscaping
- Located in Tampa’s Urban Core Within Close Proximity to Several Redevelopments Such as Bill Gate and Jeff Vinik’s $3 Billion Downtown/Water Street Redevelopment, The Heights Redevelopment, West River Redevelopment and Tampa International Airport’s $1 Billion Renovation
- Superior Walkability to 90+ Bars and Restaurants, Beautiful Bayshore Boulevard and Prestigious Palma Ceia Country Club
- Located within Close Proximity to 159,000 Jobs between Downtown Tampa and Westshore Business District
Lead Agent(s): Camerson S. Barbas or Matthew W. Prozzillo
View PropertyThe Bonaventure – Closed May 1, 2018
Price: $ 1,821,429
Total Number of Units: 10
Address: 2915 West Estrella Street, Tampa, FL, United States
- Beautifully Modernized 1920’s Asset with Original Hard Wood Floors, High Ceilings, Granite Countertops, Washer/Dryer Appliances, New Windows and New Cabinets amongst other renovations
- Opportunity to Increase Rents $188 from Current In Place
- Superior Amenity Package includes Private Keyless Entry, Ample off-street covered & uncovered parking, and washer/dryer appliances, Possible on-site Bike Storage
Lead Agent(s): Cameron S. Barbas
View Property3817 Waterfront Apartments – Closed on April 18, 2018
Price: $ 1,275,000
Total Number of Units: 16
Address: 3817 Del Prado Boulevard, Cape Coral, FL 33904, United States
- Desirable 1970’s Vintage Concrete Block Construction
- Heavily Renovated Property With a New Roof in Process
- Significant Value-Add Opportunity (Year-One Cap Rate of 9.19%)
- Achievable NOI Increase of 29.44% by Year One of Ownership
Lead Agent(s): Benjamin N. Skinner
View Property9th Avenue Apartments – Closed on April 3, 2018
Price: $ 780,000
Total Number of Units: 10
Address: 807 9th Avenue North, St. Petersburg, FL, United States
- Highly Desirable Location in the Heart of Growing Downtown St. Petersburg
- Superior Walkability (0.8 Miles) to Downtown St. Petersburg Retail, Dining and Local Nightlife
- Well Built Asset with Great Frontage on 9th Avenue North
- Recently Renovated with New Tile, Laminate Flooring, Formica Countertops, and Raised Panel Cabinets
Lead Agent(s): Joshua D. Teplitzky
View PropertyHanley Place Apartments – Closed on March 21, 2018
Price: $ Market Bid
Total Number of Units: 400
Address: 7315 West Hanna Avenue, Tampa, FL 33634, United States
- Approximately $2.5 million invested in exterior and interior renovations since 2016
- 21% of units upgraded and receive rental premiums
- Value-add opportunity to build-upon upgrade program
- 95% current occupancy – well positioned for agency financing
Call for Offers – Wednesday, December 13th
Lead Agent(s): Francesco P. Carriera or Michael P. Regan
View PropertyAqua Links & Stoneridge Pointe Portfolio – Closed on March 16, 2016
Price: $ 18,100,000
Total Number of Units: 260
Address: 2450 Hartwell Avenue, Sanford, FL 32771, United States
- Current Average Effective Rents $200 Below Market Average
- $240,696 In-Place Annual Loss-to-Lease Upside ($77 per unit, per month)
- Opportunity to Increase NOI by Approximately $492,000 by End of Year 1
- Opportunity to Continue Strategic Upgrades at Aqua Links (55 Upgraded Units Receiving a $50 Premium) Benefit from Short Term or Long Term Holding Strategy
- Short Term Strategy: Capitalize on Value Add Business Plan and Below Market Rents to Increase NOI by $492,000
- 75 Percent Return on Equity Potential on 2-Year Hold
- Long Term Strategy: 7-Year IRR Approximately 29%; 10-Year IRR Approximately 26%
Aqua Links
2450 Hartwell Avenue Sanford, Florida 32771
140 Units
Stoneridge Pointe
1505 West 25th Street Sanford, Florida 32771
120 Units
Lead Agent(s):
View Property5th Avenue Apartments – Closed on February 28, 2018
Price: $ 675,000
Total Number of Units: 9
Address: 6682 5th Avenue North, St. Petersburg, FL, United States
- Recently Renovated Unit Interiors Which Includes New Appliances, Granite Countertops and New Bathroom Vanities Amongst Many Other Renovations
- Concrete Block Construction Built in 1958 and Renovated in 2015
Lead Agent(s): Joshua D. Teplitzky
View PropertyRoselawn Village Apartments – Closed on February 27, 2018
Price: $ Market Bid
Total Number of Units: 161
Address: 1992 East Seymour Avenue, Cincinnati, OH 45237, United States
- Extensive $2.65 Million Renovation in last 24 Months
- Opportunity for New Investor to Capitalize on Below-Market Rents that were Compressed During Renovation Period (4% In-Place Loss-to-Lease)
- Phenomenal Entry Position in One of Cincinnati’s Highest Growth Submarkets
- Favorable Unit Mix – 81 Percent Two and Three-Bedroom Floor Plans
- Majority Townhome-Style Floor Plan Layouts
Lead Agent(s):
View PropertyHill Avenue Apartments – Closed on February 9, 2018
Price: $ 680,000
Total Number of Units: 8
Address: 1927 Hill Avenue, Fort Myers, FL, United States
- Exceptional Unit Mix Consisting of 100% Two-Bedroom/Two-Bathroom Floorplans
- 1980’s Vintage Concrete Block Structure
- Current Owner Has Invested Over $200,000 in Property Renovations
- High Yield Asset With a Year Three Cash-on-Cash Return of 18.38%
Lead Agent(s): Benjamin N. Skinner
View PropertyArbor Crest Apartments – Closed on February 8, 2018
Price: $ Market Bid
Total Number of Units: 120
Address: 62 Cleveland Street, Quincy, FL, United States
- Clear Path to Over a Pro Forma 9% Cap Rate and 16.5%+ Cash on Cash Return
- Rare Low Income Housing Tax Credit (Section 42 LIHTC) Opportunity with Rental Upside
- $83,918 (8.02%) Loss-to-Lease Upside Based on Current Market Rents
- Current Average Effective Rents $85/unit/month Below 2017 Max Allowable Rents
- Currently Under-Performing Asset with 85.83% Current Occupancy Compared to 95% Market Average of Inferior Assets
- Operational Upside via Above-Market Average Controllable Expenses
- 89% Two and Three-Bedroom Floor Plan Composition
- 5.09% Gadsden County Max Allowable Rent Growth from 2016 to 2017
Lead Agent(s): Francesco P. Carriera or Michael P. Regan
View PropertyPark Village Apartments – Closed on December 27, 2017
Price: $ Market Bid
Total Number of Units: 158
Address: 11300 66th Street North, Largo, FL 33773, United States
- 1984 Concrete Block Construction
- Completely Renovated, Turn-Key Asset with Immediate Cash Flow and Returns
- 95% Current Occupancy – Well Positioned for Agency Financing
Lead Agent(s):
View PropertyOak Crest Villas – Closed on December 22, 2017
Price: $ 1,850,000
Total Number of Units: 32
Address: 1641 NE 70th St, Ocala, FL 34479, United States
- Attractive Unit Mix Consisting of 100% 868 Square Foot Two-Bedroom/One-Bathroom Units
- Extensive Renovation Costing More than $259,000 since 2014 which includes Raised Panel Cabinetry, Faux-Granite Countertops, tile flooring and More.
- Well-Constructed Concrete Block Asset
- Located Only 6.3 Miles from FedEx Ground’s New $170 Million Distribution Hub
Lead Agent(s):
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