Capital Luxury Residences

Portfolio –  Case Study: Adams Place – Stabilized Fractured Condo Deal

Business Plan:

Capital Luxury Residences is a 2005 built fractured-condo portfolio in the strong market of Tallahassee, FL. It was purchased in an extremely distressed situation, with 90 Units vacant and water penetration into the building, additionally the Condo Association was in litigation

Atlantic removed problem tenants and completed strategic renovations including mitigating water damage, roofs, and full interior renovations. Additionally, the property was rebranded, and security was improved through exterior fencing/gate and exterior lighting.

Results:

Atlantic Companies purchased the property in August 2022, immediately starting renovations and leasing 90 units within a year. Additionally, Atlantic stabilized condo association financials, and manages the Association currently.

By dramatically improving occupancy and improving the tenant base the value was increased dramatically resulting in a cash-out refinance in a rising interest-rate environment. There is around 4M in equity in this deal.