Lion’s Point Apartments
Clearwater, Florida
EXAMPLE
SOLD
Project Highlights
- Converted from Condo to Multifamily
- Repositioned from C to B
- Period holdings 2 years
- 32% IRR in two years
- IRR: 32%
- Purchase date: 2016
- Initially purchased 28 of 33 condo units
- Purchased the remaining 5 units and terminated the Home Owners Association
- Implemented interior and exterior renovation
- Expenses of egi before purchase: 58%
- Expenses of egi before sale: 36%
- Increased income during the holding period: 159%
- Increased rents: 41%
- Increased noi: 186%
- Sale date: 2018