Thursday, October 23rd, 2014

Distressed Apartment Complex for sale | FL

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Updated on 4/21/2011: (Watch our video below for some Q1 2011 Apartment news)

Our current inventory includes a Class C multifamily residential fractured complex in Ft. Lauderdale, Florida.  This complex consists of 255 total units where 241 are available for the bulk purchase.  The complex is currently achieving good effective rents and is 82% Occupied.  Current Net Operating Income appears to be $1,060,000, however a change in NOI is possible during our audits during Due Diligence. We have a good amount of Due Diligence on this from the lender but will need additional info during Due Diligence.

Suggested Strategy: Non-Binding Letter of Intent for $10.3 mm.  45 Days Due Diligence to begin once bank supplies all appropriate Due Diligence material.  This complex is not publicly marketed, however our First Right of Refusal ends on 5/1/2011.  Call Scott at 877-688-7582 or e-mail here

See why Real Estate Investors are acquiring Residential MultiFamily:  Wall Street Journal Link
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SOLD

The current apartment complex we are working on is located in Jacksonville, Florida.  It is a distressed asset and the bank is looking to get off their books.  As all of our complexes, this is currently unlisted and not public.  We have received all of the Due Diligence material on it including Receivership reports, P & L Statements for the last quarter, Survey, Tax Bills, and Rent Rolls.  This is for a cash buyer only at this time.  UPDATE:  This complex is sold.  Please contact us for our current inventory.

I am very familiar with this area of Jacksonville.  The complex is located only 2 miles to the downtown water district and in a great location.  This property represents a tremendous opportunity to reposition a unique, distressed asset, with rare and spectacular waterfront views.  This gated garden-style apartment community consists of one and two bedroom apartment units on 19 two and three-story buildings, with over 40% of the units offering river views.  The property was built in the 1970′s and units average 882 square feet comprising a total of 181,900 square feet.  Below are some highlights.  Please CONTACT US if you are interested in additional information on this complex.

  • 205 Total Apartments
  • Asking approximately $19,000 per door or $4,000,000 total.  Market Value comparisons show a per unit value of $30,000 to $35,000.
  • Amenities include Clubhouse, Swimming Pool, Fitness Center, Laundry facility, and a Fishing Pier.
  • Value Add Rehab opportunity that can be purchased well below replacement cost.  Approximately $350,000 to $500,000 in improvements needed on a high estimate.
  • Gated Entrance
  • Area Occupancy Rate of over 93%
  • Located 2 miles from downtown Jacksonville and located off Arlington Expressway, a very popular area of town.  67,000 cars pass daily.
  • Total of about 11.5 Acres
  • Most recent Comparable Sale sold for $31,000 per door.
  • Roofs replaced in 2004.
  • Currently 70% Occupied.

Please call 877.688.7582 or e-mail us with any inquiries or questions.  Ask for Scott Allan

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As many of our clients know, we are very active in the Florida real estate market.  Our Florida firm is based in Ft. Myers and we have been utilizing our asset management, Receivership, and Special Servicer contacts to find inventory for real estate investors.  None of our properties are publicly listed and acting quickly is important.  Year to Date we have sold over $15 million in distressed multi-family assets in Florida.  After spending a significant amount of due diligence time on an apartment complex, we are ready to make it available to the right investor.  We cannot go into to much detail right now as this is not a publicly listed asset.  We are arranging for a private sale on this as we feel we have negotiated the price to where this will sell quickly.  We have this negotiated at $3 million from the lender.  This is a “Value Add” complex with a ton of positive upside.

  • Located in Orlando, FL
  • C-Class complex consisting of 340 Apartments – Studio, 1, 2, and 3 bedroom units.
  • 16% Occupied – Due to 3 years neglect by current owner.
  • Current owner is executing a Deed in Lieu of foreclosure which will be complete in 45-60 days.  This complex is being sold as the “asset”, not the note.
  • Current note in the amount of over $17 million.
  • Capital Improvements needed in the amount of +/- $2.5 million.
  • Area occupancy rate of 94%
  • 15 Days Due Diligence will be allowed.  Non-negotiable
  • After Capital Improvements, cost per unit will be about $16,000, approximately 40% under market value.
  • We have a 2 year pro forma for this asset.  If rented to 70% occupancy, complex will have a 9.5% Capitalization Rate at $11 million, making this ideal for re-sale once stabilized.
  • Current Net Operating Income covers most current expenses based on most current Receiver Report.
  • Investor will need approximately $4 million for purchase and Phase 1 Improvements.  Beyond that, rental income will take care of Capital Expenditures.

If you are interested in any additional information, please contact Scott Allan @ (877) 688-7582 or e-mail here.