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%.
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 18 months for 76% return to investors and a 99% return overall
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