Case Study

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

Opportunity:
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.

Total Capitalization

87M

Cash on Cash

25%

Internal Return Rate

36%

Equity Multiple

3X

Challenge

Assets were operated under inadequate management, and financial performance was below market for over a year.

Execution

Successfully implemented new management, who brought new policies and enhanced unit turn procedures. Reinvestment of capital sustained all property improvements through to stabilization.

Outcome

• Seamless purchase of over 2,000 units
• 200% increase in portfolio valuation as of 2018
• Occupancy at 95%
• Statewide implementation of company culture

Testimonial

“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

CONTACT US

(786) 295-9568


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