241 Units
261 SF
20.09 acres
21 buildings
Built in 2006
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Property Documents
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Ray Turchi
Senior Managing Director Investments
[email protected]
Senior Managing Director Investments
[email protected]
(407) 557-3847 (office)
(321) 297-6576 (mobile)
Unit Mix
| # | Type | SF | Avg Rent | Mkt Rent |
|---|---|---|---|---|
| 1 | 3x2+ | 1,650 | $1565 | $1565 |
| 48 | 1x1 | 921 | $853 | $905 |
| 48 | 3x2 | 1,299 | $1153 | $1330 |
| 144 | 2x2 | 1,063 | $978 | $1120 |
Investment Highlights
- Class A Stabilized Asset
- 40-Year Assumable Loan at 4.14% + 0.45% MIP
- Close Proximity to the New Campus of Florida Polytechnic University
- Built in 2006
- Repainted in 2011
- New Roof in 2016
- Strong Employment Base in Lakeland
- Complex Amenities Include: Swimming Pool, Spa, Playground, Volleyball Court, Pet Kiosks, Clubhouse, Billard Room, Lounge, and Barbecue Area
Key Metrics
Cap Rate Current Year:
5.75%
Cap Rate Year 1:
6.73%
GRM:
9.08
GRM Year 1:
8.20
Leveraged Cash-on-Cash Return Current Year:
6.26%
Leveraged Cash-on-Cash Return Year 1:
8.90%
Operating Expenses/ Unit (Current):
$4,448
Operating Expenses/ Unit (Year 1):
$5,674
Operating Expenses/ SF (Current):
$4.10
Operating Expenses/ SF (Year 1):
$5.23
Leveraged IRR (Year 5):
14.74%
Leveraged IRR (Year 10):
15.19%
Unleveraged IRR (Year 5):
8.37%
Unleveraged IRR (Year 10):
9.08%
DSCR (Current)
1.68
DSCR (Year 1)
1.96
Average Monthly Rent/ Unit Current
$990.00
Average Monthly Rent/ Unit Pro Forma
$1121.00
Price/ Unit
$107,884
Price/ SF
$99.52
Listing Agents:
Ray Turchi
Ray Turchi
(407) 557-3847