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New America Condos – Closed on September 14, 2018

New 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

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Villas at Deer Park – Closed on September 13, 2018

Villas 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

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Lead Agent(s): Michael P. Regan or Francesco P. Carriera

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North Hubert Apartments – Closed July 31, 2018

North 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

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Courtyard Gardens Apartments – Closed on July 20, 2018

Courtyard 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

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442 30th Avenue North – Closed on July 13, 2018

442 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

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Paradise Gardens – Closed on July 10, 2018

Paradise 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

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Frankie Court Apartments – Closed on July 09, 2018

Frankie 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

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Park West Courtyard Apartments – Closed on June 11, 2018

Park 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

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Crystal River Apartments – Closed on June 8, 2018

Crystal 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

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El Mar Apartments – Closed on June 4, 2018

El 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

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Estrella Apartments – Closed May 1, 2018

Estrella 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

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The Bonaventure – Closed May 1, 2018

The 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

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3817 Waterfront Apartments – Closed on April 18, 2018

3817 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

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9th Avenue Apartments – Closed on April 3, 2018

9th 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

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Hanley Place Apartments – Closed on March 21, 2018

Hanley 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

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Aqua Links & Stoneridge Pointe Portfolio – Closed on March 16, 2016

Aqua 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):

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5th Avenue Apartments – Closed on February 28, 2018

5th 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

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Roselawn Village Apartments – Closed on February 27, 2018

Roselawn 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):

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Hill Avenue Apartments – Closed on February 9, 2018

Hill 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

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Arbor Crest Apartments – Closed on February 8, 2018

Arbor 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

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Park Lane Apartments – Closed on January 9, 2018

Park Lane Apartments – Closed on January 9, 2018

Price: $ 1,700,000

Total Number of Units: 17

Address: 725 2nd Street North, St. Petersburg, FL 33701, United States

  • Well-Constructed 1970s Vintage Concrete Block Structure
  • Thirteen Units on Month-To-Month Leases Allowing for Renovations to Begin Immediately
  • Current Average Effective Rents are 36% Below Market Comparables
  • Property Amenities Include Four Large Storage Rooms, Two Laundry Facilities, and a Large Courtyard

Lead Agent(s):

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