Managing Fractured Condo to Maximize Opportunities
Opportunity: Highly opportunistic investment of a 450-unit condominium in Tampa, FL.
Acquired: Dec. 2015
Cash on Cash:
Internal Return Rate:
Extensive interior and exterior rehab needed, large pending receivables account, $600,000 utility bill, and 120 down units put this property in a financial deficit. This lead to high tenant dissatisfaction and low occupancy levels.
Completed structural improvements, pool remodeling, paint finishing’s, and unit upgrades. After renovations, condo owners were approached for purchase.
- Collections increased from 60k to over 225k as of 2018
- Economic occupancy increased from 30% to 95%
- Restructured Home Owners Association
- Improved tenant relationships led to increased feedback.
“The team knew that acquiring Tzadik Oaks would take some time to stabilize due to its lack of upkeep; however, our experience in dealing with C-class communities allowed us to strategically revamp the site and ultimately attract and stabilize.”
CIO, Alex Arguelles
SVP of Business Development
11098 Biscayne Blvd, Miami, FL 33161