We Make The Connection
They call it Multi-Family for a reason….
It’s much more than just income property…
The Value-Add Process
- Repositioning Rent Roll
- Improving Tenant Profile
- Developing A Project Theme
- Upgrading Physical Structure
- Improving Landscaping & Appearance
- Working With Local Property Managers
- Pursuing Government Redevelopment Initiatives
- Developing A Sense Of Community
Our Target Properties Are
- Physically Distressed
- Seller Distressed
- Apartment Buildings
- Commercial Office Buildings
- Failed Condominium Conversions
- Niche Opportunities in the Multi-Family Arena
The Following Are A Few Examples
change is a delicate process
Many investments are never made. Some because there are so many moving parts. Others because on the surface everything appears to be insurmountable. These investment jewels typically have huge returns when accomplished with proven, knowledgeable assistance. Savannah Square is a story of all these things.
This multi-family property with eight 2 bed / 2 bath units and a pool was a true eye sore for the neighborhood. The city began code enforcement actions due to failure of care by the owner. With the owner failing to pay the mortgage and liens form the city reaching $200,000 the property was eventually foreclosed upon. To complicate matters, each unit was separately owned so there were multiple banks involved. With the complexity and liens involved, investors were unable to get any lender to touch this property so it sat vacant for five years.
Under the leadership of Al Boyd, a negotiated purchase with the multiple banks was achieved. The property was promptly rehabbed with a new roof, AC, interior and exterior building repairs and improvements. The pool was resurfaced, the parking lot repaved, and landscaping was completed. In all, $300,000 was sent in acquisition and renovation. Two years after completion the property was sold for $925,000.
1509 Office Building
Vision to Value
Plane Jane buildings in a good location can be a great canvas to begin with. This plain white, nondescript building located on Military Trail in West Palm Beach was vacant and ready for Al’s magic!
Under the leadership of Al Boyd, a negotiated purchase for $340,000 was secured. The building underwent a make over to bring a classic Roman / Italian flair to the building. Inside travertine tile along with crown moulding. Wrought iron on the exterior with Roman columns brought home the makeover. Landscaping created a green area and added bougainvillea’s that provided a tranquil view from the large first floor windows.
securing a 10 year leasing from CBS created an anchor tenant. With the building 100% leased out. Our rent rates were 50% higher than any building around us. The building was latter sold for $1.3 million.
Casa Sul Lago
“Castle on the Lake” Residential Development
Vacant land in existing communities can make a great residential development project.
Keeping with the Italian flair of an adjoining community, “Casa Villagio” this lake front residential community was built with the leadership of Al Boyd. Each of the ten units is a 3 bed, 2.5 bath two story town house with balconies overlooking Lake Wellington. Using an Italian villa vision, landscaping with bougainvillea, wrought iron fencing around the pool with a gazebo and decorative shutters all in terracotta colors.
Land acquisition, and construction cost brought the total project cost in at $1.3 million. Each of the ten units was sold for $310,000 for a total sale price of $3.1 million.
New life for Old Apartment Complex
Vacant properties always have a plus side when you have all the right stuff.
This 16 unit apartment complex had been vacant for four years and was in desperate need of renovation and a new vibe. Under the direction of Al Boyd that is exactly what happened. Renaming the complex to “Bimini Bay” and bringing about the need renovation, the building was updated with an Island Theme.
With renovations complete and all the units rented the apartment complex that cost $385,000 was sold for $699,000. The new owner was so pleased with our performance, that a year and half later he listed the complex with us where we obtained a sale price $1 million for the owner.