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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):

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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):

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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 22, 2018

Hanley Place Apartments – Closed on March 22, 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 March 14, 2018

5th Avenue Apartments – Closed on March 14, 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):

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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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