Paddock & Paradise Apartments, Ocala, Florida - Case Study
Formerly Owned & Managed by Red Knight Properties
- Initially acquired an off-market sixty-one (61) unit apartment community in Ocala, Florida ‘Paddock Apartments’ from a long-term “mom & pop” private ownership group, and motivated seller in November, 2021
- Subsequentially acquired the adjacent twenty-four (24) unit apartment community ‘Paradise Apartments’ off-market from the same long-term “mom & pop” private ownership group, and motivated seller in March, 2022
- Successfully increased apartment in-place rent average from ~$650 to ~$1,200 with a strategic cosmetic interior & exterior capital improvement plan within 33 months upon acquisition
- Nearly doubled in-place net operating income within a 33-month investment holding period
- Combined the two properties & parcels as one rebranded 85-unit complex & successfully disposed of the asset within a total of 33 months; realized a gross investor levered internal rate of return (IRR) of ~18%
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