Highlights:  This property is located directly between the Tampa Bay and Orlando MSAs within the city of Winter Haven.  The city was one of the top retirement friendly communities by AARP Journal for 2020 and continues to grow in amenities and in population as retirees, medical professionals, and service industry employees flock to the area. Located near the I4 corridor this property gives you access to both Orlando and Tampa Bay within a one-hour drive radius.  The complex was built in 2012 and has been operated by the same family investment group since being built.  The units are all identical 900sqft with a 2BRM/2BATH layout with an apartment grade finish level.  The 2-acre grounds are sparsely landscaped with no additional amenities. Over the past 9 years the quality of comparable inventory that has entered the immediate market has forced the current management to not increase rental rates in an effort to retain the tenant base.  Even with the below market rental terms the property is at a 90% occupancy rate.

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Repositioning:  The targeted acquisition price for the property will be $3,600,000 based its current condition and cashflow.  We will invest $255,000 into property improvements.  Each unit will receive new luxury vinyl flooring, paint, quartz counter tops, ceramic backsplashes and new plumbing and electrical fixtures, upgraded kitchen appliances and high efficiency toilets.  The grounds will receive improved signage, updated tropical landscaping, irrigation system and exterior paint.  These improvements will bring the complex to a level equal to that of the comparable properties in the area allowing us to capture current market rental rates.  This will increase gross potential rental income by $63,000 and translate into an increase in market value of over $1,000,000.00.  Due to the high rental demand in the area our management team projects that the units will be absorbed immediately.

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