Skyline 5th Avenue, St. Petersburg, Florida
What we accomplished
In 2011, as the real estate crash had peaked, an opportunity presented itself. A developer had gutted a building with the intent of turning it into luxury rental condos. Before completion he went bankrupt. We purchased the property from the bank and finished the project. Within one year of acquisition it was operational and fully rented.
Our Expertise
Our knowledge and experience turned this from an empty building to one of the most beautiful in the area.
Our Approach
Having managed building for many years we used our ability to fully rent the building well ahead of schedule.
Our abilities and experience are why many approach us to take on the toughest projects.
Treesdale, Bradenton
201 unit condo complex
Investment Opportunities
Family-Friendly Complex
Conversion to condos started in 2006. The owner was only able to sell 10 units and then when bankrupt. We purchased the remaining 191 units in 2010 and worked to purchase back the remaining 10.
Family-Friendly Complex
Investment Opportunities
Family-Friendly Complex
The two hundred and one units are spread over 25 similar building. One building required major renovations to remove mold.
Investment Opportunities
Investment Opportunities
Investment Opportunities
The community is comprised of 25 eight-unit residential buildings, a detached home, a clubhouse and a freestanding fitness center/laundry center. The Clubhouse also served as the rental office.
Tenant perks
Investment Opportunities
Amongst the many benefits to tenants was an attractive pool area, with access only available to tenants.
Unit description
The units were spacious and attractive. We did major renovation work. The vacancy was 25% went we purchased the property. Within one year it was less than 4%.
Unit mix
The complex had an advantous mix of spacious units to support both young or elderly couples and families.
Tampa Commons
A different challenge
A 42 unit, Town Home complex located in the city of Tampa. Constructed in 2008-2009 the property is built of concrete blocks, with excellent sound insulation between units. The units are all set up with individual tax bills and electric meters, making future sales as condominiums a definite possibility. We acquired the property in 2016 when the owner could no longer make his payments.
Overview of property
From installing water meters, adding fencing, and acquiring adjacent land, the property was set up to be prime for individual sales, although the property became fully rented within months of our our purchase.
Spacious, quality units
Each unit had three floors and a garage. Several units had to be renovated even though the property was only seven years old, however all the units were done with quality materials.
Unit layout
There were two 3 bedroom layouts. Each offered a large living area.
4 bedroom layout
Offering 1778 s.f. of living area our 4 bedroom units were larger than many houses.
Unit Mix
A good unit mix allowed for rental sustainability.