228 Units

‍

Highlights:  This project is a 228-unit apartment community located on a 3.5-acre urban tract in the Sarasota-Bradenton MSA.  The community features an appealing mix of one-, two-, and three-bedroom units averaging 1000 square feet. Each unit has washer/dryer connections, large windows, 10 foot ceilings luxury finishes and a private balcony. Additionally, residents benefit in its proximity to Sarasota’s largest employers, highly rated schools, and a variety of preferred retailers.  Siesta Key Beach, ranked the number US beach for 2020 is located less than 20 minutes away.  These factors combine to make this area on of the most desirable residential areas in the Gulf Coast region.

‍

The property was built in 2019.  Because we are in negotiations and operating under an NDA, we cannot discuss why the property is available.  That said, the current ownership is highly motivated, and we are positioned to acquire it for very favorable terms.

‍

Repositioning:  Because we are currently under negation all the figures quoted are estimated.  The project is targeted to be acquired for $42,800,000. A review of the financials show that the property is currently being operated a 60% expense to income ratio.  This is predominantly due to the excessive salary and management compensation that is currently in place.  The expedient installation of our professional management team will allow us to bring our expense ratio well below 40% within year one dramatically improving NOI enhancing the valuation and improving cashflow.

‍