ADDRESS | PURCHASE DATE | SALE DATE | AVG. RENT AT PURCHASE |
|---|---|---|---|
2200 Gladys Street, Largo | 11/2021 | N/A | $1,002 |
AVG. RENT AT SALE | RENT INCREASE | NOI | IRR REALIZED |
|---|---|---|---|
$1,402 | 40% | 462% | TBD |
Past performance and statements regarding earnings are no guarantee of future results.
At a glance
2200 Gladys Street, Largo | |
|---|---|
Purchase Date | 11/2021 |
Sale Date | N/A |
Avg. rent at purchase | $1,002 |
Avg. rent at sale | $1,402 |
Rent increase | 40% |
NOI | 462% |
IRR realized | TBD |
Why we invested
Altura Largo, consisting of 232 flats had an intriguing past. The previous owner intended to merge the condominiums and convert it into a single property in order to resell it.
After having bought the majority of the apartments already, the investor acquired more and more condominiums from their respective owners.
Opportunities and challenges
- Solely focused on the idea of creating an easy fungible package of condominiums, maintenance was not taken care of. 838 complaint tickets were unprocessed.
- Consistently, not only the interior of the apartments lacked maintenance, the entire premises needed substantial renovation.
- We found several obvious improvements which would lift the overall appearance of the estate.
- As in almost every project, communication with the tenants was crucial in order to clear doubts in the new management and to cement new hope.
Results
During the first three weeks, we took great effort in addressing the many complaints, order them by priority and send in our maintenance technicians.
We had to replace more than 40% of the roofs. After having dealt with these pressing matters, the facades were renewed and new balustrades and blinds were installed on the balconies. During the first year, the majority of the apartments were completely redone.
The bathrooms received water saving toilets and armatures to save water as well as running costs.
The maintenance office was also refurbished in its entirety to create a contact point for our tenants.
Later we laid our attention to energy savings by replacing all windows with modern and energy efficient windows.
A fitness center for the tenants is due to be opened in early 2023.
We are very proud to have proven that we were able to manage a project with more than 200 tenants and apartments once given the chance. The realized rent increases is as satisfying as the many pleased people living at Altura Largo.
