Asset Class Reposition To Increase Property Value
Opportunity: 248-unit property located directly on the Halifax River in Daytona Beach, FL; one of the state’s most active housing markets due to the cities affordability and new development.
Acquired: Aug. 2016
Cash on Cash:
Internal Rate of Return:
Severely distressed due to Hurricane Mathew, high delinquency rates, and weak property management
Completed capital improvements, introduced new management and leasing procedures, and a stronger focus on retention and prospect quality allowed for a more stable tenant base.
- Occupancy at 95%
- Rent appreciation by $100/door
- Class reposition from C to B
- Improved tenant reviews due to new management
“We saw the potential and know the market. Daytona Beach is experiencing serious gentrification and continuously reports population growth of which surpasses many other cities across the country.”
Michael Davalos, SVP of Business Development
SVP of Business Development
11098 Biscayne Blvd, Miami, FL 33161