Initially acquired two adjacent properties: a 32 & 44 unit apartment community in Clearwater, Florida, in two separate transactions from two different long-term private ownership groups and motivated sellers in February, 2021.
Successfully raised apartment rent average from ~$892 to ~$1,107 with a strategic cosmetic interior & exterior capital improvement plan within 20 months upon acquisition with minimal turnover/vacancy loss
Increased in-place net operating income by ~26% upon purchase within a 20-month investment holding period
Combined the two properties & parcels as one rebranded 76-unit complex & successfully disposed of the asset within a total of 20 months; realized a gross investor levered internal rate of return (IRR) of ~43%.
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