107 UNITS

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Overview: This property is situated on the shores of a popular lake in a prime residential location within the desirable Orlando MSA.  It offers easy access to downtown Orlando as well as to Disney and Universal.  It also provides easy access to the Route 4 corridor which provides direct access to both the Tampa Bay area as well as the Daytona Beach area.

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The property was originally completed in 1999 and consists of 107 Units located in 12 buildings within a park like setting.  The area features walking trails, kayak and SUP water access and 500 feet of lake frontage.  Renters also have full use of a recently updated 1,200 square foot fitness center and a luxury pool/sundeck area.  The property is gated for privacy and security.  

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This property features a mix of large units ranging in size from 1100 – 1350 square feet, with 60 2br/2bath units and 47 3br/2 ½ bath units.  The larger unit size is in high demand and is a major draw for families.  

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Repositioning:  The property will be acquired for $16.4 Mil. Our research indicates that the units are lacking in certain amenities common to other comparable properties.  To cure this deficiency, we will invest another $470,800 into light improvements that are designed to move the units into a higher rental level. The improvements will be staged in conjunction with normal lease turn over so as not to impact the current income production.  

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The current rental rate is $1.21 per square foot.  Our market research indicates that upon completion of the improvements we will be able to increase rents to $1.41 per square foot yielding an additional $342,522 in rental income.  Because of the size of the units, quality of the property and the planned improvements the units should be rapidly absorbed into the market.

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