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Seabreeze Apartments
Details
Location
Return Summary
Highlights
- Fractured condos
- Greatly distressed
- Up and coming location
IRR*
Equity Multiple*
Holding Period
* For active deals, IRR and EM return metrics are projected values that are underwritten with realized distributions, projected distributions, and a conservaitve terminal value.
Project Description
Project Timeline
December 2010
Purchased 48 of 60 condos in a physically and financially distressed condominum. Began process of rehabbing the units we purchased and went to work on buying the remaining units left in the building.
May 2013
Purchased the final condo, achieving full ownership at the property. Started rehabbing the exterior of the building and common areas.
March 2014
Refinanced the property and distributed 76% of initial investor equity.
October 2018
Refinanced the property again, distributing an additional 66% of initial equity. The combination of these two financing events and all other operating distributions as of Oct 2018, brought investors to a 1.6x equity multiple.
See in detail
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