Creative Realty Partners acquired the Villas at 17th Apartments, a 130 unit apartment complex in Kissimmee, FL, in September of 2016.
A $250,000 rehab budget (included in the initial acquisition financing) was allocated for interior, exterior, and amenity improvements.
The capital improvements were completed within the first 24 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 40%.
At disposition, the property was fully marketed and generated a sales profit of $2,770,252, representing a 226% Sale ROI. The property sold in April of 2021.
Including the monthly Cash Flow After Debt Service, the total cash-on-cash return on the project was in excess of 247%.