Off-market, self-managed, long-term prior ownership, Spanish Trace checked all the boxes. Due to poor in-place management, vacancy at acquisition was 86% compared to a 97% submarket average and rents were an average of $188 below market. We will be bringing in our own onsite staff and investing $7,000 per unit on improvements.
We have currently surpassed our year two proforma income and paid out the full preferred return in year 1
At acquisition, rents at The Palm were an average of $250 below market. We planned to spend $175k renovating all 16 units to achieve $16,000 in monthly rents. We exceeded our projected monthly gross rents in just over 12 months by renovating only half of the units and sold after 19 months for 65% return to investors.
Prior to purchase, Liberty Park was a redevelopment aimed at providing affordable housing for our nations veterans. With significant in place yield of over 10% and future value add potential, we chose to continue to operate this asset as affordable housing until the market justified repositioning the property. Monthly distributions currently exceeding preferred return.
This mismanaged asset was at 16% occupancy at acquisition. Before takeover, this facility had no digital footprint and marketing was limited to signage. By employing an aggressive online marketing campaign and completing strategic facility improvements, we have doubled our revenue and occupancy in 7 months. Currently projected to reach stabilization by December 2021.
The Beach at Bayshore is located in a phenomenal Class A submarket of Tampa, Florida. Surrounded by brand new high-rise developments and located on 1 of 11 contiguous parcels, the potential for future development is inevitable. The initial strategy a value add play, rents were raised 25% after renovations which increased our equity in this asset by over 26%.
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