Creative Realty Partners acquired the Planters Walk Apartments, a 216 unit apartment complex in Jacksonville, FL, in February of 2017.
A $438,550 rehab budget (included in the initial acquisition financing) was allocated for interior, exterior, and amenity improvements.
The capital improvements were completed within the first 24 months of ownership and facilitated raising rents to market. By increasing the rents by 20%, we were able to increase the value by $4,010,000.
At disposition, the property was fully marketed and generated a sales profit of $3,007,632, representing a 172% Sale ROI. The property sold in September of 2020.
Including the monthly Cash Flow After Debt Service, the total cash-on-cash return on the project was in excess of 182%.