Hey BP community —

I'm under contract on a 104-unit motel in the Pensacola, FL market and looking for a seasoned joint venture partner to come alongside this deal. Ideally someone with a background in multifamily, short-term rentals, or hospitality who understands value-add plays and can bring capital to the table.

Here's the quick snapshot:

📍 Location: Northwest Florida (Pensacola market)

🏠 Asset: 104-unit motel — converting to furnished extended-stay studios

💰 Acquisition: $6,350,000 | Total project cost $7.35M

🎯 Target tenant base: Navy Federal contractors, traveling nurses, corporate relocations

📈 Stabilized NOI: $1.11M+ | DSCR: 2.91x | Exit value: $13.9M

🔄 Strategy: 24-month value-add → cash-out refinance

Investor returns (base case, 8% pref / 80/20 split):

✅ LP IRR: 54%

✅ LP Equity Multiple: 2.23x

✅ Cash flow positive even in downside scenario

The deal is validated by Q1 2026 actual operating data — the property is already generating $1,542/unit/month at 82% occupancy. We're repositioning to $1,600/month extended-stay at 90% occupancy with a peak season strategy on top.

We have our financing lined up through a commercial lender (prequalified, non-recourse, 70% LTV). Looking for an LP equity partner who can participate in the $2.9M equity raise.

If you've done this type of deal before or have capital sitting on the sidelines looking for a strong risk-adjusted return in a high-demand Florida market — let's talk.

DM me or drop a comment below. Happy to share the full deck with qualified partners.

— Robert

Nav Pointe Properties, LLC | St. Petersburg, FL