Full-Cycle Deal – Case Study: Palm Vista Apartments – 2.8M to 6.05M – 34% IRR
Business Plan:
Palm Vista is a 1974 built multifamily asset which Atlantic bought expanding the Ft. Myers portfolio. The property was poorly maintained, with several exterior issues, limiting the curb appeal.
Atlantic invested strategically in minimal interior renovation, landscaping improvements, and remodeling common area amenities.
Results:
Atlantic Companies purchased the property in June 2017 and stabilized the property soon thereafter cash flowing over 7% on average throughout the project.
After sourcing a strong offer the property was sold in 3 years, with investors getting over a 2.1x return on their equity and a 34% IRR.
| Project/Asset Name |
Sunrise Tower |
| Year Built |
1974 |
| # of Units |
144 |
| Acquisition Price |
$10,250,000 |
| Date Sold |
7/1/2021 |
| Hold Time |
36 Months |
| Disposition Price |
$13,500,000 |
| Equity Multiple |
2.1x+ |
