324 unit multifamily in Orlando!

[Account Closed]

Investment Info:

Large multi-family (5+ units) commercial investment investment in Orlando.

Purchase price: $52,000,000
Cash invested: $16,000,000

Bentley at Maitland is a 324-unit Class B property located in beautiful Orange County in Orlando, FL. This property was owned by the previous owner for 5 years and allowed my partners and I the opportunity to find an asset that had rents at 8% below market, only 10% of units needed to be renovated, and the previous owner was not very efficient on their costs. This property provides 9% cash flow per year at time of acquisition and is part of our portfolio strategy of value-add properties.

What made you interested in investing in this type of deal?

- Class B property in Class B+ location with 8% below-market rents
- Previous owner mis-managed the property by running costs too high
- Value add: Renovate 10% of units, Install smart home packages, Implement valet trash, Install kayak dock on lake, Upgrade clubhouse and on-site gym

How did you find this deal and how did you negotiate it?

Found deal through trusted broker relationships in Central Florida

How did you add value to the deal?

Renovate 10% of units, Install smart home packages, Implement valet trash, Install kayak dock on lake, Upgrade clubhouse and on-site gym

What was the outcome?

17% IRR