Creative Realty Partners acquired the The Plaza Apartments, a 281 unit apartment complex in Jacksonville, FL, in December of 2017.
A $1,027,000 rehab budget (included in the initial acquisition financing) was allocated for interior, exterior, and amenity improvements.
The capital improvements were completed within the first 18 months of ownership and facilitated raising rents to market, tapering expenses, and increasing the existing utility bill-back program, which ultimately increased the Net Operating Income by 41%.
At disposition, the property was fully marketed and generated a sales profit of $1,850,000, representing a 140% Sale ROI. The property sold in December of 2019.
Including the monthly Cash Flow After Debt Service, the total cash-on-cash return on the project was in excess of 150%.