Florida Record 2,199 Unit Acquisition
Acquired: Aug. 2014
Properties: Bella Mar, Brandywyne, Country Place, Del Rio, Jacksonville Heights, Kings Trail, Lago Bello, Lakeland Manor, The Landings, Mount Dora, North Washington, Rolling Hills, Tanglewood
Statewide value-add acquisition of over 2,100 units, consisting of 13 properties and spread out across eight different cities throughout Florida; Tampa, Winter Haven, Jacksonville, Lakeland, Mount Dora, Sarasota, Orlando, and Eustis.
Cash on Cash
Internal Return Rate
Assets were operated under inadequate management, and financial performance was below market for over a year.
Successfully implemented new management, who brought new policies and enhanced unit turn procedures. Reinvestment of capital sustained all property improvements through to stabilization.
- Seamless purchase of over 2,000 units
- 200% increase in portfolio valuation as of 2018
- Occupancy at 95%
- Statewide implementation of company culture
“We look to purchase off-market and special circumstance real estate. This acquisition completely encapsulates our investment philosophy and the future of our company.”
CEO, Adam Hendry
SVP of Business Development
11098 Biscayne Blvd, Miami, FL 33161