Flagler Pointe
St. Petersburg, Florida
EXAMPLE
Project Highlights
- Holding period of -2 years
- Increase density from 15 units per acre to 30 units per acre in downtown
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- Projected IRR: 20%
- Purchase date: 2023
- Numberof units: 416
- Started to implement interior and exterior renovation
- At the first quarter after the purchase (q1 2024) we increased the rents for current tenants by 9% (instead of 5% by the
business plan) - For renovated units we achieved approx. 10% above the business plan (over $350 per unit on avg.)