Extremely distressed asset available in Tampa, FL. where 353 out of 450 units were available for purchase. Asset needed extensive rehab and steady operations to stabilize the community that included over 120 down units. Majority of tenants had large accounts receivable balances along with $600,000 utility bill.
Underwrote and acquired within 5 months, Management was adequately staffed. A rehabilitation strategy was developed and executed, with exterior improvements such as roofs, pool remodels, paint schemes and more preluded extensive interior work. Once the Capital Project Game plan was executed, individual condo owners were targeted and approached for purchase.
• Monthly collections increased from $60,000 to over
$225,000 as of 2017
• Economic Occupancy increased from 30% to 95%
• Unit Count increased from 353 to 388 as of August 2017
• Appraised Value more than doubled since acquisition
• Leads recently restructured Home Owners Association